Bausch Health Announces the Unrestricting of Bausch + Lomb Under Bausch Health Debt Documents

Rhea-AI Summary

Bausch Health Companies Inc. (NYSE:BHC) has declared 1261229 B.C. Ltd. as an unrestricted subsidiary, which controls 88.7% of Bausch + Lomb Corporation. This change means Bausch + Lomb and its subsidiaries are no longer bound by Bausch Health's debt covenants. The company is actively exploring options to optimize stakeholder value, focusing on balance sheet and liquidity strategies. These developments may impact the company's financial flexibility and strategic positioning moving forward.

Positive

• Bausch + Lomb is now an unrestricted subsidiary, enhancing operational flexibility.
• The company aims to maximize stakeholder value and focus on balance sheet health.

Negative

• The restructuring may indicate potential financial distress or debt management challenges.
• Removal from debt covenants could bring regulatory scrutiny or concerns among investors.

LAVAL, QC / ACCESSWIRE / November 29, 2022 / Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC) ("Bausch Health" or the "Company") has designated 1261229 B.C. Ltd., the entity that directly or indirectly holds 88.7% of the issued and outstanding shares of Bausch + Lomb Corporation ("Bausch + Lomb"), as an unrestricted subsidiary of the Company in accordance with the terms of the Company's debt documents. In connection therewith, all of the subsidiaries of 1261229 B.C. Ltd., including Bausch + Lomb and its subsidiaries, are also now unrestricted subsidiaries of the Company and, as a result, are no longer subject to the covenants under the Bausch Health debt documents.

The Company continues to evaluate potential options to maximize stakeholder value, which include its ongoing focus on its balance sheet and liquidity.

About Bausch Health

Bausch Health Companies Inc. (NYSE/TSX: BHC) is a global diversified pharmaceutical company whose mission is to improve people's lives with our health care products. We develop, manufacture and market a range of products primarily in gastroenterology, hepatology, neurology, dermatology, international pharmaceuticals and eye health, through our controlling interest in Bausch + Lomb. With our leading durable brands, we are delivering on our commitments as we build an innovative company dedicated to advancing global health. For more information, visit www.bauschhealth.com and connect with us on Twitter and LinkedIn.

Forward-Looking Statements
This news release may contain forward-looking statements about the future performance of Bausch Health including the proposed plan to fully separate its eye health business, including the timing thereof, which may generally be identified by the use of the words "anticipates," "hopes," "expects," "intends," "plans," "should," "could," "would," "may," "believes," "subject to" and variations or similar expressions. These statements 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. 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 report on Form 10-K 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.

Investor Contact:	Media Contacts:
Christina Cheng	Kevin Wiggins
ir@bauschhealth.com	corporate.communications@bauschhealth.com
(514) 856-3855	908-541-3785
(877) 281-6642 (toll free)

SOURCE: Bausch Health Companies Inc

View source version on accesswire.com:
https://www.accesswire.com/729362/Bausch-Health-Announces-the-Unrestricting-of-Bausch-Lomb-Under-Bausch-Health-Debt-Documents

FAQ

What is the recent news regarding Bausch Health Companies Inc. (BHC)?

Bausch Health has designated 1261229 B.C. Ltd. as an unrestricted subsidiary, affecting its debt covenants and operations.

How does the unrestricting of Bausch + Lomb affect BHC's financial position?

The move may enhance operational flexibility but also suggests potential challenges in debt management.

What is the significance of Bausch Health's focus on its balance sheet?

The focus on the balance sheet indicates Bausch Health's commitment to maintaining financial stability and maximizing stakeholder value.