...NEW YORK (S&P Global Ratings) March 6, 2017--S&P Global Ratings said today that its ratings on Canada-based Valeant Pharmaceuticals International Inc. (B/Stable/--) are unchanged following the company's proposed plans to upsize its first-lien term loan B series F maturing 2022 by $3.06 billion, which increases it to $6.9 billion outstanding, in a leverage-neutral refinancing transaction. Valeant will use the proceeds to pay down earlier maturing term loan debt. The company is also seeking to remove financial maintenance covenants from the term loans, and amend the financial maintenance covenants on the revolver. Our ratings on the company's revolver and first-lien term loan are unchanged at '##-'. The recovery ratings on this debt remains '1', indicating our expectations for very high (90%-100%; rounded estimate: 95%) recovery in the event of default. Our rating on the unsecured debt is 'B-' with a '5' recovery rating, indicating our expectations for modest (10%-30%; rounded estimate: 25%)...
