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Financings

Bausch Health Announces Final Results and Expiration of Exchange Offers

By The Northwire Desk — AI Analysis Dec 23, 2025 · 17:35 BHC · 10.04 BAUSCH HEALTH COMPANIES INC.
BHC · Price

Executive Summary

  • Bausch Health announced the final results and expiration of its exchange offers to swap existing 4.875% and 11.00% senior secured notes due 2028 for new 10.00% senior secured notes due 2032, with up to $1.6 billion of new notes to be issued.
  • Holders tendered $2.7 billion of existing notes; approximately $1.6 billion principal amount of the new notes will be issued upon settlement expected on December 26, 2025.
  • The exchange provides cash adjustments for accrued interest differences and is being overseen by legal counsel Sullivan & Cromwell LLP, Norton Rose Fulbright Canada LLP, and financial advisor Evercore Inc.

Key Details

  • Existing Notes Tendered: $2.7 billion aggregate principal amount of 4.875% and 11.00% senior secured notes due 2028.
  • Accepted for Exchange:
  • 11.00% Notes – $885,806,000 accepted; total consideration $1,020 per $1,000 of existing principal.
  • 4.875% Notes – $797,431,000 accepted; total consideration $873.84 per $1,000 of existing principal (adjusted for net interest payment).
  • New Notes to be Issued: Approximately $1.6 billion principal amount of 10.00% senior secured notes due 2032.
  • Settlement Date: Expected December 26, 2025.
  • Cash Component: Eligible holders will receive cash equal to the difference between accrued interest on existing notes and accrued/unpaid interest on the new notes up to the settlement date.
  • Legal & Financial Advisors: Sullivan & Cromwell LLP; Norton Rose Fulbright Canada LLP (legal); Evercore Inc. (financial advisor).
  • Regulatory Disclaimers: New notes not registered under U.S. securities laws; offering in Canada will rely on exemption from prospectus requirements.

Notable Quotes

(No executive quotes were included in the release.)

Read the original news release →

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