Bausch Health Announces Launch of Private Offering of Senior Secured Notes and Conditional Redemption of Senior Notes
Bausch Health (NYSE:BHC) has launched a $4.0 billion senior secured notes offering due 2032 through its subsidiary 1261229 B.C. The company is also seeking to establish new senior secured credit facilities, including a $400 million 5-year revolving credit facility and a $3,400 million 5.5-year term loan facility.
The notes will be secured by first-priority liens on the issuer's assets, including Bausch + Lomb equity interest, and guaranteed by various company subsidiaries. The proceeds, combined with the new term loan facility, will be used to:
- Repay and terminate existing credit agreement
- Redeem all existing senior secured and senior notes due 2025-2028
- Pay related fees and expenses
- Fund general corporate purposes
The notes will be offered exclusively to qualified institutional buyers in the US and non-US persons outside the United States, with specific exemptions for Canadian securities laws.
Bausch Health (NYSE:BHC) ha lanciato un'offerta di notes senior garantiti da 4,0 miliardi di dollari con scadenza nel 2032 tramite la sua sussidiaria 1261229 B.C. L'azienda sta anche cercando di stabilire nuove linee di credito senior garantite, inclusa una linea di credito revolving di 400 milioni di dollari per 5 anni e una linea di prestito a termine di 3,4 miliardi di dollari per 5,5 anni.
I notes saranno garantiti da diritti di primo grado sui beni dell'emittente, inclusa la partecipazione azionaria di Bausch + Lomb, e garantiti da varie sussidiarie dell'azienda. I proventi, insieme alla nuova linea di prestito a termine, saranno utilizzati per:
- Rimborsare e terminare l'accordo di credito esistente
- Riscattare tutti i notes senior garantiti e senior esistenti in scadenza dal 2025 al 2028
- Pagare le spese e le commissioni correlate
- Finanziare scopi aziendali generali
I notes saranno offerti esclusivamente a compratori istituzionali qualificati negli Stati Uniti e a persone non statunitensi al di fuori degli Stati Uniti, con specifiche esenzioni per le leggi sui titoli canadesi.
Bausch Health (NYSE:BHC) ha lanzado una oferta de notas senior garantizadas por 4,0 mil millones de dólares con vencimiento en 2032 a través de su subsidiaria 1261229 B.C. La compañía también busca establecer nuevas líneas de crédito senior garantizadas, incluyendo una línea de crédito revolvente de 400 millones de dólares a 5 años y una línea de préstamo a plazo de 3,4 mil millones de dólares a 5,5 años.
Las notas estarán garantizadas por gravámenes de primera prioridad sobre los activos del emisor, incluyendo el interés en acciones de Bausch + Lomb, y garantizadas por varias subsidiarias de la empresa. Los ingresos, junto con la nueva línea de préstamo a plazo, se utilizarán para:
- Reembolsar y terminar el acuerdo de crédito existente
- Redimir todas las notas senior garantizadas y senior existentes con vencimiento entre 2025 y 2028
- Pagar tarifas y gastos relacionados
- Financiar propósitos corporativos generales
Las notas se ofrecerán exclusivamente a compradores institucionales calificados en los EE. UU. y a personas no estadounidenses fuera de los Estados Unidos, con exenciones específicas para las leyes de valores canadienses.
바우슈 헬스 (NYSE:BHC)는 자회사 1261229 B.C.를 통해 2032년 만기 40억 달러 규모의 선순위 담보 채권을 발행했습니다. 이 회사는 또한 4억 달러 규모의 5년 만기 회전 신용 시설과 34억 달러 규모의 5.5년 만기 대출 시설을 포함하여 새로운 선순위 담보 신용 시설을 설정하려고 합니다.
채권은 발행자의 자산에 대한 첫 번째 우선 순위 담보로 보장되며, Bausch + Lomb의 지분을 포함하고 다양한 회사 자회사에 의해 보증됩니다. 수익금은 새로운 대출 시설과 함께 다음 용도로 사용됩니다:
- 기존 신용 계약을 상환하고 종료하기 위해
- 2025-2028년 만기 모든 기존 선순위 담보 및 선순위 채권을 상환하기 위해
- 관련 수수료 및 비용을 지불하기 위해
- 일반 기업 목적을 위해 자금을 지원하기 위해
채권은 미국 내 자격을 갖춘 기관 투자자와 미국 외의 비 미국인에게 독점적으로 제공되며, 캐나다 증권 법에 대한 특정 면제가 있습니다.
Bausch Health (NYSE:BHC) a lancé une offre de billets garantis senior d'un montant de 4,0 milliards de dollars arrivant à échéance en 2032 par l'intermédiaire de sa filiale 1261229 B.C. L'entreprise cherche également à établir de nouvelles facilités de crédit senior garanties, y compris une facilité de crédit renouvelable de 400 millions de dollars sur 5 ans et une facilité de prêt à terme de 3,4 milliards de dollars sur 5,5 ans.
Les billets seront garantis par des privilèges de première priorité sur les actifs de l'émetteur, y compris l'intérêt en actions de Bausch + Lomb, et garantis par diverses filiales de l'entreprise. Les produits, combinés à la nouvelle facilité de prêt à terme, seront utilisés pour :
- Rembourser et mettre fin à l'accord de crédit existant
- Racheter tous les billets senior garantis et senior existants arrivant à échéance entre 2025 et 2028
- Payer les frais et dépenses associés
- Financer des besoins d'entreprise généraux
Les billets seront offerts exclusivement aux acheteurs institutionnels qualifiés aux États-Unis et aux personnes non américaines en dehors des États-Unis, avec des exemptions spécifiques pour les lois sur les valeurs mobilières canadiennes.
Bausch Health (NYSE:BHC) hat ein Angebot von 4,0 Milliarden Dollar an senior gesicherten Anleihen mit Fälligkeit im Jahr 2032 über seine Tochtergesellschaft 1261229 B.C. gestartet. Das Unternehmen strebt auch an, neue senior gesicherte Kreditfazilitäten einzurichten, einschließlich einer revolvierenden Kreditfazilität von 400 Millionen Dollar mit einer Laufzeit von 5 Jahren und einer Terminkreditfazilität von 3,4 Milliarden Dollar mit einer Laufzeit von 5,5 Jahren.
Die Anleihen werden durch erste Pfandrechte auf die Vermögenswerte des Emittenten gesichert, einschließlich der Beteiligung an Bausch + Lomb, und von verschiedenen Tochtergesellschaften des Unternehmens garantiert. Die Erlöse, zusammen mit der neuen Terminkreditfazilität, werden verwendet, um:
- Das bestehende Kreditabkommen zurückzuzahlen und zu beenden
- Alle bestehenden senior gesicherten und senior Anleihen, die zwischen 2025 und 2028 fällig sind, einzulösen
- Verbundene Gebühren und Ausgaben zu zahlen
- Allgemeine Unternehmenszwecke zu finanzieren
Die Anleihen werden ausschließlich an qualifizierte institutionelle Käufer in den USA und an nicht-US-Personen außerhalb der Vereinigten Staaten angeboten, mit spezifischen Ausnahmen für kanadische Wertpapiergesetze.
- Total financing package of $7.8 billion ($4.0B notes + $3.8B facilities) strengthens capital structure
- Extended debt maturity profile to 2032 for new notes
- Consolidation of various existing notes into new financing structure
- Significant debt burden with $4.0 billion new notes issuance
- Additional $3.8 billion in new credit facilities increases leverage
- Potential increase in interest expenses due to refinancing
Insights
Bausch Health is undertaking a major debt refinancing, launching a
The company plans to use proceeds to repay its existing credit agreement and redeem multiple series of notes with maturities ranging from 2025-2028. This effectively extends the company's debt maturity profile, potentially providing greater financial flexibility in the near term. However, it's worth noting the company is essentially replacing old debt with new debt rather than deleveraging.
The security structure is particularly notable, with the new notes secured by first-priority liens on substantially all assets of the issuer, including a pledge of equity interest in Bausch + Lomb. This security arrangement suggests creditors are seeking robust protection for their investment.
What makes this refinancing especially significant is its scale relative to Bausch Health's current
While extending maturities provides breathing room, the transaction doesn't fundamentally alter the company's leverage profile. Without disclosed interest rates, it's impossible to determine whether this refinancing will improve or worsen the company's annual interest burden and cash flow position.
LAVAL, QC / ACCESS Newswire / March 19, 2025 / Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC) (the "Company" or "Bausch Health") today announced that it has launched an offering (the "Offering") of
The Notes will be (i) secured, subject to customary limitations, by a first priority lien on substantially all assets of the Issuer, including a pledge of its direct equity interest in Bausch + Lomb and (ii) guaranteed by (x) the Company and subsidiaries of the Company that guarantee the Company's existing senior notes, with such guarantees secured by the assets of such guarantors, subject to customary limitations, by a first-priority lien that will rank pari passu with the liens securing the Company's existing first-lien senior secured notes and the New Senior Secured Credit Facilities and (y) certain subsidiaries of the Company that do not guarantee the Company's existing senior notes, with such guarantees secured by the assets of such guarantors, subject to customary limitations, by a first-priority lien that will rank pari passu with the liens securing the New Senior Secured Credit Facilities.
The Company intends to use the proceeds from the offering of the Notes, together with the borrowings under the New Term Loan Facility, (i) to repay in full and terminate the Company's existing credit agreement, (ii) to redeem all of its
The Company also intends, or a subsidiary of the Company intends, as applicable, to deliver a notice of conditional redemption for all of the Existing Notes at the redemption prices specified in the applicable indentures, plus accrued and unpaid interest, if any, to, but not including, the redemption date of the applicable series of Existing Notes. The obligation to redeem the Existing Notes will be conditioned upon the consummation of the Offering and the funding of the New Term Loan Facility on or before each of the applicable redemption dates (which redemption dates could be delayed in the Company's sole discretion if this condition is not satisfied pursuant to the terms of the applicable indentures). Concurrently with the consummation of the Offering and the funding of the New Term Loan Facility, the Company or a subsidiary of the Company, as applicable, intends to discharge the applicable indentures governing each of the Existing Notes to the extent any such Existing Notes are not redeemed prior to the Closing Date. This press release does not constitute a notice of redemption of the Existing Notes.
The Notes will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities law and may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act and applicable state securities laws. The Notes will be offered in the United States only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act that are also qualified purchasers within the meaning of Section 2(a)(51) of the Investment Company Act of 1940, as amended, and to non-U.S. persons outside of the United States pursuant to Regulation S under the Securities Act. The Notes have not been and will not be qualified for sale to the public by prospectus under applicable Canadian securities laws and, accordingly, any offer and sale of the Notes in Canada will be made on a basis, which is exempt from the prospectus requirements of such securities laws.
This press release is being issued pursuant to Rule 135c under the Securities Act and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
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 any near-term financing activities, including the proposed use of proceeds therefrom, whether the conditions precedent to the redemption of the Existing Notes will occur, or as to the offering of the Notes, the entry into the New Senior Secured Credit Facilities, and details thereof. 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.
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SOURCE: Bausch Health Companies Inc.
View the original press release on ACCESS Newswire
FAQ
What is the size of Bausch Health's (BHC) new senior secured notes offering in 2025?
How will Bausch Health (BHC) use the proceeds from its 2025 notes offering?
What are the new credit facilities Bausch Health (BHC) is seeking to establish?
What securities are being redeemed by Bausch Health (BHC) in this refinancing?
