Bausch Health To Reduce Debt By $100 Million Using Cash Generated From Operations

Rhea-AI Summary

Bausch Health Companies Inc. (NYSE/TSX: BHC) announced a $100 million reduction in debt by redeeming senior secured notes using operational cash. This redemption of $100 million of 7.00% Senior Secured Notes due 2024 will occur on June 2, 2021. In total, the company has redeemed $400 million of these Notes in 2021, following redemptions of $200 million in March and $100 million on May 7. This move reflects Bausch Health's commitment to strengthening its financial position amidst ongoing market challenges.

Positive

• Reduction of debt by $100 million enhances financial stability.
• Total of $400 million in Notes redeemed in 2021 improves the company's debt management.

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• None.

LAVAL, Quebec, May 3, 2021 /PRNewswire/ -- Bausch Health Companies Inc. (NYSE/TSX: BHC) ("Bausch Health" or the "Company") today announced it will reduce debt by $100 million through the redemption of outstanding senior secured notes, using cash generated from operations.

Bausch Health will redeem $100 million aggregate principal amount of its outstanding 7.00% Senior Secured Notes due 2024, CUSIP Nos. 91911K AK8, C94143 AK7 (the "Notes") on June 2, 2021. The Company previously redeemed a total of $200M aggregate principal amount of the Notes in March 2021 and announced an additional redemption of $100M aggregate principal amount of the Notes, which will occur on May 7, 2021. With the redemption announced today, the Company will have redeemed a total of $400M aggregate principal amount of the Notes in 2021.

The Company will issue today an irrevocable notice of redemption for the Notes and a copy will be issued to the record holders of such Notes. Nothing contained herein shall constitute a notice of redemption of the 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 name and address of the paying agent are as follows: The Bank of New York Mellon; 111 Sanders Creek Parkway, East Syracuse, N.Y. 13057; Attn: Redemption Unit; Tel: 800-254-2826.

About Bausch Health
Bausch Health Companies Inc. (NYSE/TSX: BHC) is a global company whose mission is to improve people's lives with our health care products. We develop, manufacture and market a range of pharmaceutical, medical device and over-the-counter products, primarily in the therapeutic areas of eye health, gastroenterology and dermatology. We are delivering on our commitments as we build an innovative company dedicated to advancing global health. More information can be found at www.bauschhealth.com.

Caution Regarding Forward-Looking Information and "Safe Harbor" Statement
This news release may contain forward-looking statements, including, but not limited to, the redemption of the Notes. Forward-looking statements may generally be identified by the use of the words "anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential," "target," or "continue" 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. These risks and uncertainties include, but are not limited to, risks and uncertainties discussed in the Company's most recent annual and quarterly reports and detailed from time to time in the Company's other filings with the Securities and Exchange Commission and the Canadian Securities Administrators, which factors are incorporated herein by reference. They also include, but are not limited to, risks and uncertainties caused by or relating to the evolving COVID-19 pandemic, and the fear of that pandemic and its potential effects, the severity, duration and future impact of which are highly uncertain and cannot be predicted, and which may have a material adverse impact on the Company, including but not limited to its supply chain, third-party suppliers, project development timelines, employee base, liquidity, stock price, financial condition and costs (which may increase) and revenue and margins (both of which may decrease). 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. Bausch Health undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect actual outcomes, unless required by law.

Investor Contact:	Media Contact:
Arthur Shannon	Lainie Keller
arthur.shannon@bauschhealth.com	lainie.keller@bauschhealth.com
(514) 856-3855	(908) 927-1198
(877) 281-6642 (toll free)

 

 

 

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SOURCE Bausch Health Companies Inc.

FAQ

What recent debt reduction has Bausch Health announced?

Bausch Health announced a $100 million debt reduction through the redemption of senior secured notes.

How much total debt has Bausch Health redeemed in 2021?

Bausch Health has redeemed a total of $400 million in senior secured notes in 2021.

When will Bausch Health redeem the $100 million in notes?

The $100 million redemption will occur on June 2, 2021.

What is the interest rate of the senior secured notes Bausch Health is redeeming?

The senior secured notes have an interest rate of 7.00%.

What was the amount redeemed by Bausch Health in March 2021?

Bausch Health redeemed $200 million in senior secured notes in March 2021.