Bausch + Lomb allocates $2.8B to refinance term loans

Executive Summary

• Bausch + Lomb Corp. has allocated a $2.8 billion tranche of new Term B loans to refinance its existing outstanding Term B loans maturing in 2028 and 2031.
• The refinancing includes a maturity extension for the first incremental term loans, pushing the maturity date from September 29, 2028, to January 15, 2031.
• The transaction is anticipated to close in the first quarter of 2026, subject to standard closing conditions.

Key Details

• Transaction Amount: $2,802,125,000 allocated for new Term B loans (replacement term loans).
• Use of Proceeds: To refinance all outstanding Term B loans due 2031 and all outstanding Term B loans due 2028.
• Maturity Date: January 15, 2031 (same as the third amendment term loans; extends the first incremental term loans from September 29, 2028).
• Interest Rate Margins:
  • 3.75% per annum for loans referencing term SOFR.
  • 2.75% per annum for loans referencing the alternate base rate.
• Margin Reductions:
  • 0.50% per annum reduction for the third amendment term loans.
  • 0.25% per annum reduction for the first incremental term loans.
• Closing Timeline: Anticipated to close in the first quarter of 2026.
• Risk Factors: No assurances that the company will be able to complete the transactions on the described terms or at all.