Bausch Health closes $4.4B 10% secured notes due 2032 and $3B term loan facility

Bausch Health Companies Inc.

Closed offering of $4.4B aggregate principal of 10.000% senior secured notes due 2032 via subsidiary 1261229 B.C. Ltd.
Entered new $3B 5.5-year senior secured term loan and $500M 5-year revolving credit facility; proceeds used to repay existing debt.
Notes and credit facilities secured by first-priority liens on assets including 52.5% equity interest in Bausch + Lomb (BLCO).
Mandatory redemption provisions triggered by sale of BLCO shares or dividends over $50M; change-of-control puts at 101%.
Credit agreement includes financial covenant: Blended First Lien Leverage Ratio not exceed 4.25:1.00 (5.75:1.00 post-Xifaxan exclusivity step-up).

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