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Bausch Health Announces Launch of Offers to Exchange Certain Existing Senior Secured Notes
LAVAL, QC / ACCESS Newswire / November 24, 2025 / Bausch Health Companies Inc. (NYSE:BHC)(TSX:...
About this update from Bausch Health Companies Inc.
[{"type":"text","content":"Bausch Health Announces Launch of Offers to Exchange Certain Existing Senior Secured NotesLAVAL, QC / ACCESS Newswire / November 24, 2025 / Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC) (the \"Company\" or \"Bausch Health\") today announced the commencement of offers to exchange the Company's outstanding 4.875% Senior Secured Notes due 2028 (the \"4.875% Notes\") and 11.00% Senior Secured Notes due 2028 (the \"11.00% Notes\" and together with the 4.875% Notes, the \"Existing Senior Secured Notes\") for up to $1.6 billion aggregate principal amount (the \"Maximum Notes Amount\") of new 10.00% Senior Secured Notes due 2032 (the \"New Notes\" and, such offers, the \"Offers\") issued by 1261229 B.C. Ltd., the Company's indirect wholly-owned subsidiary (the \"Issuer\" and, together with the Company, the \"Offerors\"), in each case, pursuant to the terms described in a confidential exchange offer memorandum dated November 24, 2025 (the \"Exchange Offer Memorandum\"). The New Notes will be treated as a single series with the Issuer's $4.4 billion principal amount of 10.00% Senior Secured Notes due 2032 (the \"Existing Numberco Notes\") that were issued in April 2025 and will be issued under the same indenture. Further, the New Notes are expected to have the same CUSIP numbers as (except that New Notes issued pursuant to Regulation S under the Securities Act of 1933, as amended (the \"Securities Act\") will trade separately under a different CUSIP number until at least 40 days after the issue date of the New Notes and thereafter, subject to the terms of the indenture and the applicable procedures of the depositary), and to be fungible for trading purposes with, the Existing NumberCo Notes. The Offers are scheduled to expire on December 23, 2025, unless extended in accordance with applicable laws and the terms of the Offers. The Company is conducting the Offers to manage its intermediate term debt maturities as permitted under its outstanding debt agreements.The following table describes certain terms of the Offers:Series of Existing Senior Secured NotesCUSIP Number (Rule 144A/Reg S) (1)Principal Amount OutstandingExchange Consideration(2)Early Exchange Premium(2)(3)Total Consideration(2)(4)BHC 11.00% Senior Secured Notes due 2028071734AQ0 / C07885AL7$1,774,067,000$920.00$100.00$1,020.00BHC 4.875% Senior Secured Notes due 2028071734AN...