Valeant Pharmaceuticals International Inc. is offering itshighest-ranking creditors more control over its cash in return forgiving it additional flexibility to tackle its more than $30billion debt load.

The embattled drugmaker that grew its business through more than50 acquisitions wants investors in its loans and credit line togive it the flexibility to sell more of those assets — on thecondition that proceeds be used to repay secured borrowings,according to a person with knowledge of the matter. The company isalso seeking to permanently loosen the ratio on its interestcoverage maintenance covenant to two times from 2.75 times, saidthe person who asked not to be identified without authorization tospeak publicly.

In return, Valeant is offering to boost the interest rate on itsloans by 0.5 percentage point and pay lenders a one-time fee of0.25 percentage point, said another person.