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Valeant upsizes loan agreement; to borrow $4.57B

Valeant Pharmaceuticals International Inc. said it upsized its previously announced refinancing agreement, now looking to borrow $4.57 billion in new term B loans as opposed to $3.82 billion originally.

The Canadian drugmaker added that one of its business units launched an offering of $750 million worth of unsecured senior notes due 2027.

The new loans will be used to refinance Valeant's outstanding term B loans and redeem its senior notes.