Rising bond yields are making Valeant's (VRX) $8.7B purchase of Bausch & Lomb more...

|About: Valeant Pharmaceuticals I... (VRX)|By:, SA News Editor

Rising bond yields are making Valeant's (VRX) $8.7B purchase of Bausch & Lomb more expensive. To pay for the deal, Valeant last week proposed raising a $3.55B term loan at a minimum rate of 4-4.25 percentage points. However, Goldman Sachs, which is leading the debt sale, has now proposed a minimum rate of 4.5 percentage points. For a $3.225B bond, the bank has replaced a proposed 10-year note with five-year debt that's less sensitive to movements in Treasury yields.