Valeant Pharmaceuticals is seeking to amend and restate its existing credit agreement, agented by Barclays, and borrow $3.815 billion of new term B loans.

The amendment is intended to extend the maturity date of the revolving facility to five years from the closing date, in an amount up to $1.2 billion and replace the Term B loans currently outstanding under the credit agreement with the new term B loans, which will have a maturity date seven years from the closing date. The company is also seeking to modify certain other covenants. Valeant intends, subject to market conditions, to have its subsidiary, Valeant Pharmaceuticals International, issue $750 million of secured debt securities and $750 million of unsecured debt securities.

The proceeds of the new term B loans and the new debt securities are expected to be used to refinance the company’s outstanding term B loans and redeem the 5.375% senior notes due 2020, 6.375% senior notes due 2020, 6.75% senior notes due 2021 and 7.25% senior notes due 2022.

Quebec-based Valeant Pharmaceuticals International develops, manufactures and markets a range of pharmaceutical, medical device and over-the-counter products.

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Barclays Leads Valeant Refinancing