Valeant Pharmaceuticals International Inc. yesterday secured a commitment from loan holders to amend terms of its debt, buying time as the drugmaker attempts to resuscitate itself, the Wall Street Journal reported today. Valeant convinced holders of more than half of its loans, by principal amount, to push back regulatory filing deadlines and loosen financial conditions on the loans. Valeant agreed to pay a fee of $50,000 per $10 million of loans to lenders for the amendment and to boost interest rates on the debt by 1 percentage point, though the rate could drop back if Valeant achieves certain financial targets.
