WP Prism to repay $700 million term loan with Bausch & Lomb IPO funds

By Susanna Moon

Chicago, March 22 - WP Prism Inc. said it plans to pay down its $700 million senior unsecured term loan due May 31, 2018 using proceeds of a stock offering.

The company registered a $100 million initial public offering of common stock of Bausch & Lomb Holdings Inc. in an S-1 filing with the Securities and Exchange Commission.

In the March financing, the company borrowed $700 million under the term loan, and on the same day its wholly owned operating subsidiary borrowed $100 million under its revolving credit facility and subsequently distributed $83 million to the company.

Until March 19, 2014 (or earlier, between Oct. 1, 2013 and March 19, 2014, under certain circumstances), the term loans will bear interest at a rate of 5.25%, or at 6% if paid in kind, with a Libor floor of 1%. Beginning March 19, 2014 (or earlier, between Oct. 1, 2013 and March 19, 2014, under certain circumstances), the term loans will bear interest at a rate of 9.5%, or 10.25% if paid in kind, the filing noted.

Bausch + Lomb Holdings Inc., formerly WP Prism Inc., makes contact lenses, ophthalmic surgical devices and instruments and ophthalmic pharmaceuticals and is based in Rochester.

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