Valeant Pharmaceuticals (VRX) shares have risen sharply after the company announced that it has obtained lender approval to amend its credit facility. The amendment will reduce the coverage maintenance covenant to 2.0x, provide more flexibility to sell assets, permit the issuance of secured notes with shorter maturities to repay term loans and permit it to incur other debt to repay term loans. VRX has agreed to increase each of the applicable interest rate margins on its credit facility by 0.50% and to pay an amendment fee equal to 0.25% of the aggregate principal amount of each consenting lender's outstanding loans and commitments under the credit facility.