secwatch.observer — SEC 8-K summary
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Issuer:     Bausch Health Companies Inc. (BHC)
CIK:        0000885590
Form:       8-K
Filed at:   2025-04-09T23:59:59+00:00
Accession:  0001193125-25-075911
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/885590/000119312525075911/0001193125-25-075911-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/885590/000119312525075911/d907211d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-25-075911

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