- Bausch Health (NYSE:BHC) priced an offering of $1B, 6.125% senior secured notes due 2027.
- The notes will be sold to investors at a price of 100% of the principal amount.
- The company is also seeking to refinance its existing credit agreement. The refinanced credit agreement is expected to consist of ~$2.5B of term B loans and a $975M revolving credit facility.
- The refinancing is expected to occur upon completion of the IPO of Bausch + Lomb Corporation (BLCO).
- The proceeds from all these transactions are expected to be used to fund the company's previously announced conditional redemption in full of its outstanding 6.125% senior notes due 2025, refinance all of the existing Term B Loans, fund its previously announced conditional partial redemption of outstanding 9% senior notes due 2025 and to pay related fees, premiums and expenses.