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Valeant Said to Win Majority Lender Support to Waive Default

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Valeant Pharmaceuticals International Inc. won the support of a majority of its lenders to waive a default Wednesday and ease some restrictions on its loan pact, giving the embattled drugmaker some breathing room to rein in its $32 billion debt load, according to people with knowledge of the matter.

The creditors gave their consent after Valeant revised terms Tuesday, vowing to boost the interest on its more than $11 billion of term loans by one percentage point. The company also pledged to funnel more cash from future asset sales to pay down debt, said the people who asked not to be identified because the information is private.