---
schema_version: "secwatch.filing_event.v1"
accession: "0000885590-25-000059"
form_type: "8-K"
ticker: "BHC"
cik: "0000885590"
company_name: "Bausch Health Companies Inc."
filed_at: "2025-12-29T23:59:59+00:00"
generated_at: "2026-05-16T12:12:37.395420+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Bausch Health completes $1.6B exchange of senior secured notes, pledges additional 60% of Bausch + Lomb

## Summary
- Issued $1.6B aggregate principal of new 10.00% Senior Secured Notes due 2032 in exchange for outstanding 4.875% and 11.00% notes due 2028.
- New notes are fungible with existing $4.4B of 10.00% Senior Secured Notes due 2032 issued April 2025.
- Pledged additional 26.5M Bausch + Lomb common shares, increasing pledge from ~52.5% to ~60% of outstanding common shares.
- Total collateral now includes 211.96M Bausch + Lomb shares as security for both existing and new notes.

## SEC filing metadata
- accession: 0000885590-25-000059
- form_type: 8-K
- ticker: BHC
- cik: 0000885590
- company_name: Bausch Health Companies Inc.
- filed_at: 2025-12-29T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/885590/000088559025000059/0000885590-25-000059-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/885590/000088559025000059/bhc-20251226.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000885590-25-000059
- JSON: https://secwatch.observer/filing/0000885590-25-000059.json
- Plain text: https://secwatch.observer/filing/0000885590-25-000059.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.