Bausch Health launches $4.0B secured notes offering and $3.8B credit facilities to refinance debt

Bausch Health Companies Inc.

Indirect subsidiary launched $4.0B senior secured notes due 2032 to qualified institutional investors.
New senior secured credit facilities: $400M 5-year revolver and $3.4B 5.5-year term loan B, pari passu with notes.
Proceeds to repay secured term loan due 2027, redeem all 2025 and 2027 notes, and redeem 9.000% HoldCo notes due 2028.
Conditional redemption notices: 2025 notes redemption April 18, 2025; 2027/HoldCo notes redemption April 4, 2025.
Redemption conditioned on closing of note offering and term loan funding; no assurances given.

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