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Bausch Health Announces Launch of Private Offering of Senior Secured Notes and Conditional Redemption of Senior Notes
LAVAL, QC / ACCESS Newswire / March 19, 2025 / Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC...
About this update from Bausch Health Companies Inc.
[{"type":"text","content":"Bausch Health Announces Launch of Private Offering of Senior Secured Notes and Conditional Redemption of Senior NotesLAVAL, QC / ACCESS Newswire / March 19, 2025 / Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC) (the \"Company\" or \"Bausch Health\") today announced that it has launched an offering (the \"Offering\") of $4.0 billion aggregate principal amount of new senior secured notes due 2032 (the \"Notes\") through its indirect wholly-owned subsidiary, 1261229 B.C. Ltd., a company incorporated under the laws of British Columbia, Canada (the \"Issuer\") that, at the closing of the transactions will be a non-guarantor restricted subsidiary under the indentures that govern the Company's existing senior notes. In addition, the Company, through the Issuer, is seeking to enter into new senior secured credit facilities that are expected to consist of (i) a 5-year senior secured revolving credit facility in an amount of at least $400 million (the \"New Revolving Facility\") and (ii) a $3,400 million 5.5-year senior secured term loan B facility (the \"New Term Loan Facility\" and, together with the New Revolving Facility, the \"New Senior Secured Credit Facilities\"). The Offering and the entry into the New Senior Secured Credit Facilities are subject to market and other conditions.The Notes will be (i) secured, subject to customary limitations, by a first priority lien on substantially all assets of the Issuer, including a pledge of its direct equity interest in Bausch + Lomb and (ii) guaranteed by (x) the Company and subsidiaries of the Company that guarantee the Company's existing senior notes, with such guarantees secured by the assets of such guarantors, subject to customary limitations, by a first-priority lien that will rank pari passu with the liens securing the Company's existing first-lien senior secured notes and the New Senior Secured Credit Facilities and (y) certain subsidiaries of the Company that do not guarantee the Company's existing senior notes, with such guarantees secured by the assets of such guarantors, subject to customary limitations, by a first-priority lien that will rank pari passu with the liens securing the New Senior Secured Credit Facilities.The Company intends to use the proceeds from the offering of the Notes, together with the borrowings under the New Term Loan Facility, (i) to repay in full and t...