secwatch.observer — SEC 8-K summary
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Issuer:     Bausch Health Companies Inc. (BHC)
CIK:        0000885590
Form:       8-K
Filed at:   2025-11-24T23:59:59+00:00
Accession:  0001193125-25-291998
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/885590/000119312525291998/0001193125-25-291998-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/885590/000119312525291998/d72478d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-25-291998

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