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Valeant Pharmaceuticals Receives Lender Consent For Credit Facility Amendment

LAVAL, Quebec, Apr 7, 2016 (Canada NewsWire via COMTEX) -- Intends to File 10-K on or before April 29, 2016, as Previously Disclosed

Valeant Pharmaceuticals International, Inc. announced today that it has obtained the requisite lender approval for the amendment and waiver to its credit facility. The Company expects to close the amendment and waiver next week.

Pursuant to the approved waiver, the deadline for filing the Company's Form 10-K will be extended to May 31, 2016 and the deadline for filing its Form 10-Q for the quarter ended March 31, 2016 will be extended to July 31, 2016. While the Company is working diligently to file its Form 10-K and Form 10-Q, these extensions provide relief under the credit facility in the event the Form 10-K is not filed by April 29, 2016 and the Form 10-Q is not filed by June 14, 2016. In addition to the extensions, the approved waiver also waives the cross-default to Valeant's indentures that arose when the Form 10-K was not filed on March 15, 2016. The waiver and amendment were approved by lenders holding more than 50% of the Company's loans in principal amount.

In addition to these waivers, the amendment will also modify, among other things, the interest coverage maintenance covenant and certain financial definitions which provides additional cushion in its financial covenants. The terms of the amendment will restrict the Company's ability to make certain acquisitions and other investments and to pay...