--- schema_version: "secwatch.filing_event.v1" accession: "0001193125-23-247446" form_type: "8-K" ticker: "BHC" cik: "0000885590" company_name: "Bausch Health Companies Inc." filed_at: "2023-09-29T23:59:59+00:00" generated_at: "2026-06-10T07:17:02.033992+00:00" event_type: "m_and_a" sentiment: "neutral" materiality_score: 0.75 calibrated_materiality_score: 0.75 confidence: "high" source: SEC EDGAR --- # Bausch + Lomb completes $2.5B XIIDRA acquisition from Novartis, funded with $1.9B debt ## Summary - Upfront $1.75B cash plus up to $750M milestone for XIIDRA and other ophthalmology assets from Novartis. - Funded by $1.4B 8.375% senior secured notes due 2028 and $500M term B loans. - Notes mature Oct 1, 2028; interest payable semi-annual; secured by first-priority liens. - Bausch + Lomb also acquired the sales force supporting XIIDRA. - Closing occurred September 29, 2023, consistent with prior announcements. ## SEC filing metadata - accession: 0001193125-23-247446 - form_type: 8-K - ticker: BHC - cik: 0000885590 - company_name: Bausch Health Companies Inc. - filed_at: 2023-09-29T23:59:59+00:00 - event_type: m_and_a - sentiment: neutral - materiality_score: 0.75 - calibrated_materiality_score: 0.75 - confidence: high - sec_items: 1.01, 2.01, 9.01, 2.03 - EDGAR index: https://www.sec.gov/Archives/edgar/data/885590/000119312523247446/0001193125-23-247446-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/885590/000119312523247446/d490226d8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001193125-23-247446 - JSON: https://secwatch.observer/filing/0001193125-23-247446.json - Plain text: https://secwatch.observer/filing/0001193125-23-247446.txt ## Key facts - Debt Financings Bausch Health Companies Inc. incurred term loan of $500,000,000 of new term loans with Bausch + Lomb Corporation at at a rate per annum equal to, at the borrower’s option, either (a) a base rate d maturing September 29, 2028. - Instrument: term loan - Principal: $500,000,000 of new term loans - Counterparty: Bausch + Lomb Corporation - Rate: at a rate per annum equal to, at the borrower’s option, either (a) a base rate d - Maturity: September 29, 2028 - Event: incurrence source text: On September 29, 2023, Bausch + Lomb entered into an amendment (the “First Incremental Amendment”) to the credit and guaranty agreement, dated as of May 10, 2022 (the “Credit Agreement,” and as amended by the First Incremental Amendment, the “Amended Credit Agreement”), by and among Bausch + Lomb, certain subsidiaries of Bausch + Lomb as subsidiary guarantors, the lenders party thereto, Citibank, N.A., in its capacity as collateral agent, Goldman Sachs Bank USA, in its capacity as term facility administrative agent, and JPMorgan Chase Bank, N.A., in its capacity as first incremental term facility administrative agent, pursuant to which Bausch + Lomb borrowed $500,000,000 of new term loans (the “First Incremental Term Loans”). evidence_url: https://www.sec.gov/Archives/edgar/data/885590/000119312523247446/0001193125-23-247446-index.htm - Debt Financings Bausch Health Companies Inc. incurred senior notes of $1,400,000,000 aggregate principal amount with Bausch + Lomb Corporation at 8.375% maturing October 1, 2028. - Instrument: senior notes - Principal: $1,400,000,000 aggregate principal amount - Counterparty: Bausch + Lomb Corporation - Rate: 8.375% - Maturity: October 1, 2028 - Event: incurrence source text: On September 29, 2023, Bausch + Lomb Corporation (“Bausch + Lomb”), a subsidiary of Bausch Health Companies Inc. (the “Company”), completed its previously announced offering of $1,400,000,000 aggregate principal amount of its 8.375% Senior Secured Notes due 2028 (the “Notes”). evidence_url: https://www.sec.gov/Archives/edgar/data/885590/000119312523247446/0001193125-23-247446-index.htm - M&A Transactions Bausch Health Companies Inc. completed an acquisition involving Novartis Pharma AG and Novartis Finance Corporation (closed 2023-09-29). - Action: acquisition - Counterparty: Novartis Pharma AG and Novartis Finance Corporation - Closing: 2023-09-29 source text: On September 29, 2023, Bausch + Lomb completed the Acquisition pursuant to the terms and conditions of the previously announced Stock and Asset Purchase Agreement evidence_url: https://www.sec.gov/Archives/edgar/data/885590/000119312523247446/0001193125-23-247446-index.htm - Material Agreements Bausch Health Companies Inc. entered into First Incremental Amendment to Bausch + Lomb Credit Agreement with Citibank, N.A., Goldman Sachs Bank USA, JPMorgan Chase Bank, N.A. valued at $500,000,000 (effective 2023-09-29). - Action: entry - Agreement: credit facility - Counterparty: Citibank, N.A., Goldman Sachs Bank USA, JPMorgan Chase Bank, N.A. - Value: $500,000,000 - Effective: 2023-09-29 source text: On September 29, 2023, Bausch + Lomb entered into an amendment (the “First Incremental Amendment”) to the credit and guaranty agreement, dated as of May 10, 2022 (the “Credit Agreement,” and as amended by the First Incremental Amendment, the “Amended Credit Agreement”), by and among Bausch + Lomb, certain subsidiaries of Bausch + Lomb as subsidiary guarantors, the lenders party thereto, Citibank, N.A., in its capacity as collateral agent, Goldman Sachs Bank USA, in its capacity as term facility administrative agent, and JPMorgan Chase Bank, N.A., in its capacity as first incremental term facility administrative agent, pursuant to which Bausch + Lomb borrowed $500,000,000 of new term loans (the “First Incremental Term Loans”). evidence_url: https://www.sec.gov/Archives/edgar/data/885590/000119312523247446/0001193125-23-247446-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.