Bausch Health to sell $1 billion five-year secured notes on Thursday

By Paul A. Harris

Portland, Ore., Jan. 27 – In a deal telegraphed earlier in the year Bausch Health Cos. Inc. appeared Thursday with a $1 billion offering of five-year senior secured notes (Ba3/BB/BB) which it plans to price in a drive-by trailing a conference call with investors, according to market sources.

Initial guidance is in the mid-6% area, a bond trader said.

Barclays is the left bookrunner. Goldman Sachs, Morgan Stanley, Citigroup, Deutsche Bank, DNB, HSBC, JPMorgan and Truist are the joint bookrunners. BofA is the co-manager.

The notes come with two years of call protection. They are subject to special mandatory redemption at par plus accrued interest in the event the Bausch + Lomb IPO has not occurred on or prior to Aug. 15, 2022, or if the company notifies the trustee in writing that it will not pursue the IPO.

The Laval, Quebec-based health care company plans to use the proceeds plus a $2.5 billion term loan, the Bausch + Lomb IPO and related debt financing by Bausch + Lomb to redeem and retire its 6 1/8% senior notes due 2025, to refinance all of the existing term loan B facilities and to partially redeem its outstanding 9% senior notes due 2025.

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