- Bausch Health ( NYSE: BHC ) said it began offers to exchange certain existing senior notes for up to a total principal amount of $4B of new secured notes.
- The new secured notes consists of up to $2.5B of new 11.00% First Lien secured notes due 2028; and up to $500M of new 14.00% Second Lien secured notes due 2030 to be issued by the company; and $1B of new 9.00% senior secured notes due 2028 to be issued by 1375209 B.C., a wholly-owned subsidiary of Bausch which holds 38.6% stake in Bausch + Lomb.
- Bausch added that certain holders of the existing senior notes, who collectively represent ~22.8% of the total principal amount of the outstanding existing notes entered an agreement to tender all of their existing senior notes in the exchange offers, subject to conditions.
- Bausch Health and and Bausch Health Americas have begun solicitation of consents from the eligible holders of the existing senior notes to amend certain provisions of the indentures, the company said in an Aug. 30 press release.
- Each exchange offer and consent solicitation will expire on Sept. 27, unless extended or terminated earlier.
For further details see:
Bausch Health begin offers to exchange debt up to $4B