Bausch + Lomb Announces Refinancing of Outstanding Term B Loans

Executive Summary

• Bausch + Lomb announced a $2,802,125,000 tranche of new “Replacement Term Loans” to refinance its existing term B loans due 2031 and 2028.
• The new loans carry reduced margins – 0.50% lower for the 2031 loan and 0.25% lower for the 2028 loan – and will mature on January 15, 2031 (extending the 2028 loan).
• The transactions are expected to close in Q1 2026, subject to customary closing conditions.

Key Details

• Tranche Size: $2,802,125,000 of new term B loans (“Replacement Term Loans”).
• Purpose: Full refinancing of all outstanding term B loans due 2031 (Third Amendment Term Loans) and due 2028 (First Incremental Term Loans).
• Interest Margins:
• 3.75% p.a. for Replacement Term Loans priced to SOFR (0.50% reduction vs. Third Amendment Term Loans).
• 2.75% p.a. for Replacement Term Loans priced to an alternate base rate (0.25% reduction vs. First Incremental Term Loans).
• Maturity: January 15, 2031 – same as the existing Third Amendment Term Loans; extends the First Incremental Term Loans from September 29, 2028 to 2031.
• Closing Timeline: Anticipated in the first quarter of 2026, subject to completion risk.
• Use of Proceeds: Entirely for refinancing the specified term loans; no additional corporate purposes disclosed.

Notable Quotes

(No executive quotes were included in the release.)