Bausch Health prices $4.4B 10% senior secured notes due 2032, upsized from $4.0B

Bausch Health Companies Inc.

Bausch Health priced $4.4B aggregate principal of 10.000% senior secured notes due 2032, upsized from $4.0B.
Offering expected to close April 8, 2025; net proceeds to repay existing credit agreement and redeem all Existing Notes.
Company received commitments for $500M new 5-year revolver and $3.0B 5.5-year term loan B facility.
Conditional redemption notices delivered for five series of Existing Notes; redemption conditioned on financing closing.
No assurance conditions will be satisfied; redemption may not occur, but indentures to be discharged if not redeemed.

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