Bausch Health Initiates $4 Billion Senior Secured Notes Offering

Bausch Health Companies Inc. announced the launch of a $4 billion senior secured notes offering through its subsidiary, 1261229 B.C. Ltd. The notes, due 2032, will be used to repay existing credit agreements and redeem certain senior secured notes. The company also plans to establish new senior secured credit facilities, which include a $400 million revolving credit facility and a $3.4 billion term loan facility.

The offering's proceeds will be used for financial restructuring, including the redemption of notes due between 2025 and 2028. The redemption is conditional on the offering's completion and funding of the new loan facility. The notes will be offered to qualified institutional buyers in the U.S. and non-U.S. persons outside the U.S. under relevant securities regulations.