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Bausch + Lomb to launch $500 million term loan B on Tuesday
By Sara Rosenberg
New York, Sept. 11 – Bausch + Lomb Corp. is set to hold a lender call at 10 a.m. ET on Tuesday to launch a $500 million five-year term loan B, according to a market source.
JPMorgan Chase Bank is the lead left bookrunner on the deal and the administrative agent.
Price talk on the term loan is SOFR plus 400 basis points with a 0% floor and an original issue discount of 98 to 98.5, the source said.
The term loan has 101 soft call protection for six months.
Ticking fees on the term loan are half the margin from days 46 to 90 and the full margin thereafter.
Commitments are due at 5 p.m. ET on Thursday, the source added.
Proceeds will be used with $1.4 billion of senior secured notes due 2028 to fund the $1.75 billion acquisition of Xiidra, libvatrep and AcuStream from Novartis, to repay revolving credit facility borrowings and to pay related fees and expenses.
The acquisition agreement also provides for potential milestone obligations up to $750 million based on sales thresholds and pipeline commercialization, for a total purchase price of up to $2.5 billion.
Closing is expected at or around the end of this month, subject to regulatory approval and other customary conditions.
Bausch + Lomb is a Vaughan, Ont.-based eye health company. Xiidra is a non-steroid eye drop specifically approved to treat the signs and symptoms of dry eye disease, libvatrep is an investigational compound being studied for the treatment of chronic ocular surface pain, and AcuStream is an investigational device that may have the potential to facilitate precise dosing and accurate delivery of certain topical ophthalmic medications to the eye.
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