Valeant Pharmaceuticals International obtained the requisite lender approval for the previously announced amendment of the company’s existing credit agreement.

The company will borrow new term B loans that mature in 2022 in order to repay other term loans outstanding under the credit agreement that mature prior to 2022, remove the maintenance covenants from the term B loans, modify the maintenance covenants under the revolving facility and modify certain other provisions of the credit agreement.

Barclays is leading the refinancing.

The credit agreement amendment is subject to certain customary conditions precedent, and is expected to become effective concurrently with the funding of the new term B loans on or about March 21, 2017.

Quebec-based Valeant is a pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products.