---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-075911"
form_type: "8-K"
ticker: "BHC"
cik: "0000885590"
company_name: "Bausch Health Companies Inc."
filed_at: "2025-04-09T23:59:59+00:00"
generated_at: "2026-05-23T18:43:31.928341+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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).

## SEC filing metadata
- accession: 0001193125-25-075911
- form_type: 8-K
- ticker: BHC
- cik: 0000885590
- company_name: Bausch Health Companies Inc.
- filed_at: 2025-04-09T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/885590/000119312525075911/0001193125-25-075911-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/885590/000119312525075911/d907211d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-075911
- JSON: https://secwatch.observer/filing/0001193125-25-075911.json
- Plain text: https://secwatch.observer/filing/0001193125-25-075911.txt

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