Bausch Health Announces Conditional Redemption of Senior Notes
Bausch Health (NYSE/TSX: BHC) has announced conditional redemption notices for multiple series of senior notes, including 5.500% Senior Secured Notes due 2025, 9.000% Senior Notes due 2025, 5.750% Senior Secured Notes due 2027, and 6.125% Senior Secured Notes due 2027. Additionally, its subsidiary 1375209 B.C. will redeem all outstanding 9.000% Senior Secured Notes due 2028.
The redemptions are contingent upon closing of new financing transactions, which include:
- $4,000 million in new senior secured notes due 2032
- $3,400 million from a new 5.5-year senior secured term loan B facility
The redemption process will be handled through the Depository Trust Company, with the company retaining the right to delay redemption dates if financing conditions are not met.
Bausch Health (NYSE/TSX: BHC) ha annunciato avvisi di riscatto condizionali per più serie di note senior, comprese le Note Senior Garantite al 5,500% in scadenza nel 2025, le Note Senior al 9,000% in scadenza nel 2025, le Note Senior Garantite al 5,750% in scadenza nel 2027 e le Note Senior Garantite al 6,125% in scadenza nel 2027. Inoltre, la sua controllata 1375209 B.C. riscatterà tutte le Note Senior Garantite al 9,000% in scadenza nel 2028.
I riscatti sono subordinati alla chiusura di nuove transazioni di finanziamento, che includono:
- $4,000 milioni in nuove note senior garantite in scadenza nel 2032
- $3,400 milioni da un nuovo prestito senior garantito a termine B di 5,5 anni
Il processo di riscatto sarà gestito attraverso la Depository Trust Company, con la società che si riserva il diritto di ritardare le date di riscatto se le condizioni di finanziamento non vengono soddisfatte.
Bausch Health (NYSE/TSX: BHC) ha anunciado avisos de redención condicional para múltiples series de notas senior, incluidas las Notas Senior Garantizadas al 5.500% con vencimiento en 2025, las Notas Senior al 9.000% con vencimiento en 2025, las Notas Senior Garantizadas al 5.750% con vencimiento en 2027 y las Notas Senior Garantizadas al 6.125% con vencimiento en 2027. Además, su subsidiaria 1375209 B.C. redimirá todas las Notas Senior Garantizadas al 9.000% con vencimiento en 2028.
Las redenciones están condicionadas al cierre de nuevas transacciones de financiamiento, que incluyen:
- $4,000 millones en nuevas notas senior garantizadas con vencimiento en 2032
- $3,400 millones de un nuevo préstamo senior garantizado a término B de 5.5 años
El proceso de redención será manejado a través de la Depository Trust Company, con la empresa reservándose el derecho de retrasar las fechas de redención si no se cumplen las condiciones de financiamiento.
바우슈 헬스 (NYSE/TSX: BHC)는 2025년 만기 5.500% 담보 노트, 2025년 만기 9.000% 노트, 2027년 만기 5.750% 담보 노트, 2027년 만기 6.125% 담보 노트를 포함한 여러 시리즈의 선순위 노트에 대한 조건부 상환 통지를 발표했습니다. 또한, 자회사인 1375209 B.C.는 2028년 만기 9.000% 담보 노트를 모두 상환할 예정입니다.
상환은 새로운 금융 거래의 마감에 따라 달라지며, 여기에는:
- 2032년 만기 새로운 담보 노트 40억 달러
- 5.5년 만기 새로운 선순위 담보 대출 B 시설에서 34억 달러
상환 절차는 예탁신탁회사를 통해 처리되며, 회사는 금융 조건이 충족되지 않을 경우 상환 날짜를 연기할 권리를 보유합니다.
Bausch Health (NYSE/TSX: BHC) a annoncé des avis de rachat conditionnels pour plusieurs séries de notes senior, y compris des Notes Senior Garanties à 5,500% arrivant à échéance en 2025, des Notes Senior à 9,000% arrivant à échéance en 2025, des Notes Senior Garanties à 5,750% arrivant à échéance en 2027, et des Notes Senior Garanties à 6,125% arrivant à échéance en 2027. De plus, sa filiale 1375209 B.C. procédera au rachat de toutes les Notes Senior Garanties à 9,000% arrivant à échéance en 2028.
Les rachats sont conditionnés à la clôture de nouvelles transactions de financement, qui comprennent :
- 4,000 millions de dollars en nouvelles notes senior garanties arrivant à échéance en 2032
- 3,400 millions de dollars provenant d'un nouveau prêt senior garanti à terme B de 5,5 ans
Le processus de rachat sera géré par la Depository Trust Company, l'entreprise se réservant le droit de retarder les dates de rachat si les conditions de financement ne sont pas remplies.
Bausch Health (NYSE/TSX: BHC) hat bedingte Rückzahlungsankündigungen für mehrere Serien von Senior Notes veröffentlicht, darunter 5,500% Senior Secured Notes mit Fälligkeit 2025, 9,000% Senior Notes mit Fälligkeit 2025, 5,750% Senior Secured Notes mit Fälligkeit 2027 und 6,125% Senior Secured Notes mit Fälligkeit 2027. Darüber hinaus wird ihre Tochtergesellschaft 1375209 B.C. alle ausstehenden 9,000% Senior Secured Notes mit Fälligkeit 2028 zurückzahlen.
Die Rückzahlungen sind abhängig vom Abschluss neuer Finanzierungstransaktionen, die Folgendes umfassen:
- 4.000 Millionen Dollar in neuen Senior Secured Notes mit Fälligkeit 2032
- 3.400 Millionen Dollar aus einem neuen 5,5-jährigen Senior Secured Term Loan B
Der Rückzahlungsprozess wird über die Depository Trust Company abgewickelt, wobei das Unternehmen sich das Recht vorbehält, Rückzahlungsdaten zu verschieben, wenn die Finanzierungsbedingungen nicht erfüllt sind.
- Refinancing $7.4 billion in debt indicates strong market confidence and access to capital markets
- Extended debt maturity profile through 2032 reduces near-term refinancing pressure
- Consolidation of multiple notes into new financing potentially simplifies debt structure
- Taking on $7.4 billion in new debt could increase interest expense burden
- Dependency on successful completion of new financing for redemption creates execution risk
Insights
Bausch Health's announcement points to a significant liability management effort through a comprehensive debt refinancing plan. The company intends to redeem five series of notes with maturities ranging from 2025 to 2028, using proceeds from
This refinancing strategy addresses near-term maturities, particularly the 2025 notes, extending the company's debt runway by several years. The conditional nature of the redemption indicates standard practice for refinancing transactions, where new debt must be secured before existing obligations are redeemed.
What's notable is the scale of this refinancing relative to Bausch's
While the announcement doesn't disclose interest rates on the new financing, the shift to longer maturities should reduce near-term refinancing pressure and provide operational flexibility. The ability to execute a transaction of this magnitude demonstrates continued capital markets access despite the company's leverage profile.
The transaction represents prudent liability management by addressing upcoming maturities, though the overall debt burden appears unchanged based on the information provided.
LAVAL, QC / ACCESS Newswire / March 21, 2025 / Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC) (the "Company" or "Bausch Health") today announced that (i) it has delivered conditional notices of redemption for all of its outstanding
A copy of each conditional notice of redemption was issued to the record holders of each series of Notes. Payment of the redemption price and surrender of the Notes for redemption will be made through the facilities of the Depository Trust Company in accordance with the applicable procedures of the Depository Trust Company.
The obligation to redeem the Notes is conditioned upon the consummation of the Financing Transactions on or before each of the applicable redemption dates (which redemption dates may be delayed in the Company's sole discretion if this condition is not satisfied, pursuant to the terms of the indentures governing the Notes). Concurrently with the consummation of the Financing Transactions, the Company or HoldCo, as applicable, intends to discharge the applicable indentures governing each of the Notes to the extent any such Notes are not redeemed on the date on which the Financing Transactions are consummated. This press release does not constitute a notice of redemption of the Notes.
About Bausch Health
Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC) is a global, diversified pharmaceutical company enriching lives through our relentless drive to deliver better health care outcomes. We develop, manufacture and market a range of products primarily in gastroenterology, hepatology, neurology, dermatology, dentistry, aesthetics, international pharmaceuticals and eye health, through our controlling interest in Bausch + Lomb Corporation. Our ambition is to be a globally integrated healthcare company, trusted and valued by patients, HCPs, employees and investors.
Forward-Looking Statements About Bausch Health
This news release may contain forward-looking statements within the meaning of applicable securities laws, including the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may generally be identified by the use of the words "will," "anticipates," "hopes," "expects," "intends," "plans," "should," "could," "would," "may," "believes," "subject to" and variations or similar expressions. These statements are neither historical facts nor assurances of future performance, are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. In particular, the Company can offer no assurance that the separation (including a potential sale of Bausch + Lomb) will occur on terms or timelines acceptable to the Company or at all, or as to the ultimate composition of the Financing Transactions or any near-term financing activities, including the proposed use of proceeds therefrom or whether the conditions precedent to the redemption of the Notes will occur. Actual results are subject to other risks and uncertainties that relate more broadly to Bausch Health's overall business, including those more fully described in Bausch Health's most recent annual and quarterly reports and detailed from time to time in Bausch Health's other filings with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators, which factors are incorporated herein by reference. Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. The Company undertakes no obligation to update any of these forward-looking statements to reflect events, information or circumstances after the date of this news release or to reflect actual outcomes, unless required by law.
Investor Contact: |
| Media Contact: |
Garen Sarafian |
| Katie Savastano |
ir@bauschhealth.com |
| corporate.communications@bauschhealth.com |
(877) 281-6642 (toll free) |
| (908) 541-3785 |
SOURCE: Bausch Health Companies Inc.
View the original press release on ACCESS Newswire
FAQ
What is the total value of Bausch Health's new financing transaction in 2025?
Which BHC notes are being redeemed in this announcement?
What is the maturity date of BHC's new senior secured notes?
What is the duration of Bausch Health's new term loan B facility?
What condition must be met for BHC's notes redemption to proceed?
