Bausch Health Companies Inc. (BHC): debt financing — Bausch Health enters $600M non-recourse receivables financing with KKR

Bausch Health Companies Inc.

$600M revolving credit facility collateralized by accounts receivables, matures January 28, 2028.
Interest at 1-month Term SOFR plus 6.65%; proceeds for general corporate purposes.
Facility is non-recourse to Bausch Health, structured through subsidiary Bausch Receivables Funding LP.
KKR acted as left lead arranger and structuring advisor; Houlihan Lokey financial advisor.
Facility provides approximately five-year term liquidity; Finacity Corporation as program administrator.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Bausch Health Companies Inc. incurred revolving credit of $600 million with GLAS USA LLC (Administrative Agent) and the Lenders from time to time party thereto at one month Term SOFR plus 6.65% maturing January 28, 2028.

Instrument: revolving credit
Principal: $600 million
Counterparty: GLAS USA LLC (Administrative Agent) and the Lenders from time to time party thereto
Rate: one month Term SOFR plus 6.65%
Maturity: January 28, 2028
Event: incurrence

Exact text from the filing

The Credit Agreement provides for a $600 million revolving credit facility (the “Revolving Credit Facility”), subject to certain borrowing base tests, which matures on January 28, 2028. Loans under the Revolving Credit Facility bear interest at a rate equal to the sum of one month Term SOFR plus 6.65%.

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Source: SEC EDGAR

accession 0001193125-23-183310

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