Financings

Bausch Health Announces Early Exchange Offer Results for Exchange Offers

By The Northwire Desk — AI Analysis Dec 08, 2025 · 19:23 BHC · 9.48 BAUSCH HEALTH COMPANIES INC.

BHC · Price

Bausch Health reported that holders have tendered $2.69 billion of its existing 4.875% and 11.00% senior secured notes, exceeding the amount needed to trigger the exchange.
Based on proration rules, the company expects to issue approximately $1.6 billion of new 10.00% senior secured notes due 2032.
The withdrawal period closed at 5:00 p.m. NY time on Dec 8, and the offer will expire at 5:00 p.m. NY time on Dec 23, 2025.

Existing Notes Tendered (as of early tender deadline):
11.00% Senior Secured Notes due 2028 – $1,519,477,000 tendered (out of $1,774,067,000 outstanding).
4.875% Senior Secured Notes due 2028 – $1,170,539,000 tendered (out of $1,600,000,000 outstanding).
Total Principal Tendered: $2,690,016,000.
Maximum New Notes Amount: $1.6 billion aggregate principal.
Expected Issuance of New Notes: Approximately $1.6 billion of 10.00% Senior Secured Notes due 2032, subject to proration and other conditions in the Exchange Offer Memorandum.
Key Dates:
Withdrawal deadline – 5:00 p.m., NY time, Dec 8, 2025 (no extensions).
Offer expiration – 5:00 p.m., NY time, Dec 23, 2025 (or later if extended at the Offerors’ discretion).
Settlement expected within three business days after expiration, or as promptly as practicable.
Eligibility: Offers limited to qualified institutional buyers/qualified purchasers in the U.S. and non‑U.S. persons complying with Regulation S; Canadian holders must submit a specific holder form.
Exchange Agent / Information Agent: D.F. King & Co., Inc.; contact numbers provided for banks/brokers and general inquiries.
No Recommendation Disclaimer: Offerors, affiliates, officers, directors, agents, and trustees make no recommendation regarding participation.

(None included in the release.)

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