What Are Valeant’s Key Developments since May?

As we discussed earlier, Valeant Pharmaceuticals (VRX) reported a 9% decrease in its operating revenues to ~$2.0 billion during the first quarter—compared to revenues of ~$2.1 billion during the first quarter of 2017. On June 1, Valeant entered into a fourth amended and restated credit and guarantee agreement to refinance its secured revolving and term loan credit facilities. The company also closed the offering of 8.500% senior notes due in 2027 by a wholly owned indirect subsidiary.