Bausch Health unit to redeem $602M of notes Aug. 28

Executive Summary

• Bausch Health Companies Inc. is executing a debt reduction strategy totaling approximately $900 million using cash on hand.
• The company will redeem approximately $602 million of its 9.25% senior notes due 2026, with a redemption date of August 28, 2025.
• Additionally, the company intends to repay and terminate its receivables financing facility, which had an outstanding balance of $300 million as of July 28, 2025, with termination effective October 27, 2025.

Key Details

• Senior Notes Redemption:
  • Issuer: Bausch Health Americas Inc. (subsidiary).
  • Instrument: 9.25% senior notes due 2026.
  • CUSIPs: 91911XAV6 and U9098VAN2.
  • Aggregate Principal Amount Redeemed: Approximately $602 million.
  • Funding Source: Cash on hand.
  • Redemption Date: August 28, 2025.
  • Status: Irrevocable notice of redemption issued to record holders.
  • Indenture: The indenture pursuant to which the notes were issued will be terminated upon redemption.
  • Paying Agent: Bank of New York Mellon, 240 Greenwich St., Floor 7E, New York, N.Y., 10286.
  • Settlement: Payment and surrender of notes via Depository Trust Company facilities.
• Receivables Financing Facility Termination:
  • Issuer: Bausch Receivables Funding LP (subsidiary).
  • Action: Notice given to administrative agent to repay all outstanding amounts and terminate the facility.
  • Outstanding Balance: $300 million (as of July 28, 2025).
  • Agreement Date: Credit and security agreement dated June 30, 2023, as amended.
  • Termination Date: October 27, 2025.
• Strategic Context: These actions are part of the company's focus on optimizing its capital structure.

Notable Quotes

• "These measures are consistent with the company's focus on optimizing its capital structure."