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Valeant Pharmaceuticals Seeks to Cut Rates on $2.3 Billion Loans

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Sept. 9 (Bloomberg) -- Valeant Pharmaceuticals International Inc. is seeking to reduce the rate on about $2.3 billion of loans it obtained in February, according to a regulatory filing.

The Canadian drug distributor is meeting lenders today and intends to amend its senior secured credit facility, which would include lowering the interest rate on two loans -- a $1.3 billion portion that comes due in February 2019 and a $990 million slice that matures in December 2019.

The company plans to reduce the interest on the debt to 300 basis points more than the London interbank offered rate from 362.5 basis points more than Libor, with a 0.75 percent minimum on the lending benchmark remaining unchanged, according to the filing.

Goldman Sachs Group Inc., JPMorgan Chase & Co. and RBC Capital Markets helped arrange the deal for the pharmaceutical company. Commitments are due by Sept. 12 and Valeant intends to close the deal by Sept. 17, according to the filing.

The Laval, Quebec-based company completed its $8.7 billion acquisition of Bausch & Lomb holdings inc. in August. A basis point is 0.01 percentage point.

To contact the reporter on this story: Sridhar Natarajan in New York at snatarajan15@bloomberg.net

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net

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