---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-291998"
form_type: "8-K"
ticker: "BHC"
cik: "0000885590"
company_name: "Bausch Health Companies Inc."
filed_at: "2025-11-24T23:59:59+00:00"
generated_at: "2026-05-16T17:29:23.317402+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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).

## SEC filing metadata
- accession: 0001193125-25-291998
- form_type: 8-K
- ticker: BHC
- cik: 0000885590
- company_name: Bausch Health Companies Inc.
- filed_at: 2025-11-24T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/885590/000119312525291998/0001193125-25-291998-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/885590/000119312525291998/d72478d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-291998
- JSON: https://secwatch.observer/filing/0001193125-25-291998.json
- Plain text: https://secwatch.observer/filing/0001193125-25-291998.txt

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