Bausch Health pushes back redemption of 6 1/8%, 9% senior notes

By Marisa Wong

Los Angeles, March 14 – Bausch Health Cos. Inc. intends to issue notices to holders of its 9% senior notes due 2025 and 6 1/8% senior notes due 2025 of its election to further delay the redemption date until April 19, according to an 8-K filing with the Securities and Exchange Commission.

As announced on Jan. 18, the company had issued conditional notices of redemption for the two series of notes.

On Feb. 10, the company notified holders of its election to delay the redemption date until March 15 from Feb. 17.

The conditions to the redemption were not satisfied or waived prior to the original redemption date and are not expected to be satisfied or waived prior to the extended redemption date, according to Monday’s 8-K filing.

The company said the redemption date may be further delayed until the initial public offering of Bausch + Lomb Corp. and refinancing of its existing credit agreement are completed, at which time the company expects the previously announced conditions to the redemptions will be satisfied or waived.

However, there is no guarantee that the redemptions will occur, and either or both of the notices of conditional redemption could be rescinded, the company noted.

Bausch Health is a Laval, Quebec-based health care company.

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