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Bausch Health Announces Pricing of Upsized Private Offering of Senior Secured Notes
LAVAL, QC / ACCESS Newswire / March 25, 2025 / Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC...
About this update from Bausch Health Companies Inc.
[{"type":"text","content":"Bausch Health Announces Pricing of Upsized Private Offering of Senior Secured NotesLAVAL, QC / ACCESS Newswire / March 25, 2025 / Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC) (the \"Company\" or \"Bausch Health\") today announced that it has priced its previously announced offering (the \"Offering\") of $4.4 billion aggregate principal amount of 10.000% senior secured notes due 2032 (the \"Notes\") through its indirect wholly-owned subsidiary, 1261229 B.C. Ltd. (the \"Issuer\"), 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. The Offering was upsized from an initial offering size of $4.0 billion aggregate principal amount. The Offering is expected to close on April 8, 2025, subject to the satisfaction of customary closing conditions.As previously announced, the Company, through the Issuer, is also seeking to enter into new senior secured credit facilities that are expected to consist of (i) a $500 million 5-year senior secured revolving credit facility (the \"New Revolving Facility\") and (ii) a $3.0 billion 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 size of the New Term Loan Facility was reduced from $3.4 billion to $3.0 billion. The New Senior Secured Credit Facilities are expected to be entered into concurrently with the closing of the Offering.The Company intends to use the proceeds from the Offering, together with the borrowings under the New Term Loan Facility, (i) to repay in full and terminate the Company's existing credit agreement, (ii) to redeem all of its 5.500% Senior Secured Notes due 2025, 9.000% Senior Notes due 2025, 6.125% Senior Secured Notes due 2027, 5.750% Senior Secured Notes due 2027 and its indirect subsidiary's 9.000% Senior Secured Notes due 2028 (collectively, the \"Existing Notes\"), (iii) to pay related fees, premiums and expenses and (iv) for general corporate purposes.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 52.5% equity interest in Bausch + Lomb and (ii) guar...