Bausch Health (NYSE: BHC) unit revises $2.8B term loans, extends 2028 debt to 2031

Rhea-AI Filing Summary

Bausch Health Companies Inc. reports that its subsidiary Bausch + Lomb Corporation has refinanced its term loans by entering into a Fourth Amendment to its Credit and Guaranty Agreement. The amendment establishes a new $2,802,125,000 tranche of term loans maturing on January 15, 2031, with proceeds used to refinance existing term B loans due 2031 and 2028. The new loans amortize at 1.00% per annum, with the first installment due June 30, 2026. The applicable margins are 3.75% per annum for loans tied to term SOFR and 2.75% per annum for loans tied to the alternate base rate, representing reductions of 0.50% and 0.25% per annum compared to the prior tranches. The structure effectively extends the maturity of the earlier 2028 term loans to 2031.

Insights

Credit & Capital Structure Analyst

Bausch + Lomb refinances $2.8B term loans at lower margins and longer tenor.

Bausch + Lomb has entered into a Fourth Amendment to its Credit and Guaranty Agreement, creating a new $2,802,125,000 tranche of term loans maturing on January 15, 2031. The proceeds refinance existing term B loans that were due in 2031 and 2028, consolidating them into a single maturity profile.

The amortization rate is 1.00% per annum, with the first principal installment payable on June 30, 2026, which keeps near‑term cash outflows relatively modest. The applicable margins are 3.75% per annum for loans priced off term SOFR and 2.75% per annum for loans using the alternate base rate. These margins are lower by 0.50% and 0.25% per annum, respectively, compared with the prior term loans.

This structure maintains the existing 2031 maturity for the previously extended term loans while effectively pushing out the former September 29, 2028 maturity to 2031. Over time, the reduced margins could lessen interest expense on the refinanced balances, while the later maturity date gives more time before a large principal repayment is due, subject to any future amendments or prepayments disclosed in later filings.

8-K Event Classification

4 items: 1.01, 2.03, 8.01, 9.01

4 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

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Accepted by SEC EDGAR 01/02/2026 - 04:15 PM Learn about SEC filing dates

FAQ

What credit agreement change did Bausch Health (BHC) disclose?

Bausch Health disclosed that its subsidiary Bausch + Lomb Corporation entered into a Fourth Amendment to its Credit and Guaranty Agreement, creating a new tranche of term loans and refinancing existing term B loans.

How large is the new Bausch + Lomb term loan tranche?

The Fourth Amendment provides a new tranche of term loans for $2,802,125,000, referred to as the Replacement Term Loans.

When do the new Replacement Term Loans for Bausch + Lomb mature?

The Replacement Term Loans mature on January 15, 2031, matching the previous maturity of the Third Amendment Term Loans and extending the prior 2028 term loans to that date.

What interest margins apply to Bausch + Lomb’s refinanced term loans?

The applicable margin is 3.75% per annum for loans with an interest rate based on term SOFR and 2.75% per annum for loans based on the alternate base rate.

How did the refinancing change the interest margins on Bausch + Lomb’s debt?

The margins on the Replacement Term Loans are lower than before: they are reduced by 0.50% per annum compared to the Third Amendment Term Loans and by 0.25% per annum compared to the First Incremental Term Loans.

When do principal payments start on Bausch + Lomb’s Replacement Term Loans?

The Replacement Term Loans amortize at 1.00% per annum, with the first installment payable on June 30, 2026.

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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of the earliest event reported): January 2, 2026

Bausch Health Companies Inc.

(Exact Name of Registrant as Specified in Its Charter)

British Columbia, Canada	001-14956	98-0448205
(State or Other Jurisdiction of Incorporation or Organization)	(Commission File Number)	(I.R.S. Employer Identification Number)

2150 St. Elzéar Blvd. West

Laval, Quebec

Canada H7L 4A8

(Address of Principal Executive Offices) (Zip Code)

514-744-6792

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Shares, No Par Value		BHC		New York Stock Exchange, Toronto Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01. Entry into a Material Definitive Agreement.

Bausch + Lomb Credit Agreement Refinancing

On January 2, 2026, Bausch + Lomb Corporation (“Bausch + Lomb”), a subsidiary of Bausch Health Companies Inc., entered into an amendment (the “Fourth Amendment”) to the Credit and Guaranty Agreement, dated as of May 10, 2022 (as amended by the First Incremental Amendment, dated as of September 29, 2023, by the Second Incremental Amendment, dated as of November 1, 2024, by the Third Amendment, dated as of June 26, 2025, and as further amended, restated, supplemented or otherwise modified, refinanced or replaced from time to time, the “Credit Agreement”), by and among Bausch + Lomb, certain its subsidiaries as subsidiary guarantors, the lenders and other persons party thereto, and JPMorgan Chase Bank, N.A., as administrative agent, collateral agent, swingline lender and an issuing bank. Terms used herein, but not otherwise defined herein are as defined in the Credit Agreement as amended by the Fourth Amendment.

The Fourth Amendment provides for a new $2,802,125,000 tranche of term loans maturing in 2031 (the “Replacement Term Loans”), the proceeds of which were used to refinance all of Bausch + Lomb’s outstanding term B loans due 2031 (the “Third Amendment Term Loans”) and term B loans due 2028 (the “First Incremental Term Loans”). The amortization rate for the Replacement Term Loans is 1.00% per annum and the first installment shall be payable on June 30, 2026. Pursuant to the Fourth Amendment, the applicable margin is (i) 3.75% per annum for Replacement Term Loans with an interest rate determined by reference to term SOFR and (ii) 2.75% per annum for Replacement Term Loans with an interest rate determined by reference to the alternate base rate. The margin applicable to the Replacement Term Loans represents a 0.50% per annum reduction from the applicable margin that applied to the Third Amendment Term Loans and a 0.25% per annum reduction from the applicable margin that applied to the First Incremental Term Loans. The Replacement Term Loans will mature on January 15, 2031, which is the same maturity date that applied to the Third Amendment Term Loans and which represents an effective maturity extension of the First Incremental Term Loans from September 29, 2028.

The foregoing description of the Fourth Amendment is not complete and is qualified in its entirety by reference to the full text of the Credit Agreement, as amended by the Fourth Amendment, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information included in Item 1.01 above is incorporated by reference into this Item 2.03.

Item 8.01 Other Events.

On January 2, 2026, Bausch + Lomb issued a press release announcing the closing of the Credit Agreement refinancing, consisting of the Replacement Term Loans. A copy of this press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit Number	Description
10.1	Fourth Amendment to Credit and Guaranty Agreement by and among Bausch + Lomb Corporation, certain subsidiaries of Bausch + Lomb Corporation as subsidiary guarantors, the lenders party thereto and other persons party thereto and JPMorgan Chase Bank, N.A., dated as of January 2, 2026.
99.1	Press Release of Bausch + Lomb Corporation, announcing the closing of the Credit Agreement refinancing, dated January 2, 2026.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	BAUSCH HEALTH COMPANIES INC.
	By:	/s/ Jean-Jacques Charhon
	Name:	Jean-Jacques Charhon
	Title:	Executive Vice President, Chief Financial Officer

Date: January 2, 2026