Bausch + Lomb prices $1.4B 8.375% senior secured notes due 2028 for XIIDRA acquisition financing

Bausch & Lomb Corp

Priced $1.4B aggregate principal of 8.375% senior secured notes due 2028 at par; closing expected Sept 29, 2023.
Also plans $500M incremental term B loans under existing credit facility; drawn upon acquisition close.
Net proceeds to fund pending acquisition of XIIDRA (lifitegrast ophthalmic solution) and other ophthalmology assets.
If notes issued before acquisition close, proceeds held in escrow by Bausch + Lomb Escrow Corp.; B+L assumes after close.
If acquisition not closed by Sept 30, 2024, Escrow Issuer must redeem notes at principal plus accrued interest.

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