Business
Bausch Health Announces Launch of Syndication of New Senior Secured Credit Facilities
Transaction is part of a broader refinancing initiative aimed at opportunistically accessing capi...
About this update from Bausch Health Companies Inc.
[{"type":"text","content":"Bausch Health Announces Launch of Syndication of New Senior Secured Credit FacilitiesTransaction is part of a broader refinancing initiative aimed at opportunistically accessing capital markets to address near- and mid-term maturities LAVAL, 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 the syndication of new senior secured credit facilities totaling at least $3.8 billion.The new senior secured credit facilities 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 secured term loan B facility (the \"New Term Loan Facility\" and, together with the New Revolving Facility, the \"New Senior Secured Credit Facilities\") through its indirect wholly-owned subsidiary, 1261229 B.C. Ltd., a company incorporated under the laws of British Columbia, Canada (the \"Borrower\") that, at the closing of the transactions, will be a non-guarantor restricted subsidiary under the indentures that govern the Company's existing notes.JPMorgan Chase Bank, N.A. is the lead arranger for the New Senior Secured Credit Facilities.\"The launch of this syndication is the result of a thorough process led by our Board, management team, and independent advisors to evaluate several debt financing alternatives and is consistent with Bausch Health's previously stated objective to comprehensively improve our debt maturity profile. The transaction is part of a broader initiative aimed at opportunistically accessing capital markets to address our near- and mid-term maturities,\" said Bausch Health CEO, Thomas J. Appio. \"The Company has a diverse, substantial portfolio of assets and, with seven consecutive quarters of top- and bottom-line growth, strong momentum to build on our success in 2025.\"Commitment to Paying Down DebtBausch Health (excluding Bausch + Lomb) reduced net debt by nearly $1 billion in 2024. The Company remains committed to optimizing its capital structure, strategically reducing debt leverage, and extending maturities to fortify its financial position for long-term success.Transaction DetailsThe New Senior Secured Credit Facilities will be (i) secured, subject to customary limitations, by a first prior...