Bausch Health launches exchange of up to $1.6B notes, offers 10% senior secured notes due 2032

Bausch Health Companies Inc.

Offers to exchange 4.875% and 11.00% Senior Secured Notes due 2028 for new 10.00% Senior Secured Notes due 2032; up to $1.6B aggregate principal.
Participating holders of ~$1.545B (46% outstanding) have agreed to tender under Transaction Support Agreement signed Nov 24, 2025.
Early tender deadline Dec 8, 2025; holders receive $100 early premium per $1,000 principal; total consideration up to $1,020/$887.50.
New notes will be fungible with existing $4.4B 10.00% Notes due 2032 issued April 2025, same CUSIP (except Reg S).
Offers expire Dec 23, 2025; acceptance subject to target ratio (52.6% 11.00% notes, 47.4% 4.875% notes).

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.