Bausch & Lomb downsized, restructured $650 million eight-year notes talked at 10% area

By Paul A. Harris

St. Louis, Oct. 15 - Underwriters set price talk for Bausch & Lomb's $650 million sale of eight-year cash-pay notes (Caa1/B-) at the 10% area and reduced the amount on offer.

The notes overall notes offering was downsized from $750 million, with $100 million shifted to the bank loan.

The eight-year senior cash-pay notes tranche was upsized to $650 million from $400 million.

Meanwhile a $175 million tranche of eight-year senior toggle notes and a $175 million of 10-year senior subordinated notes were withdrawn.

Pricing is expected on Tuesday.

Banc of America Securities LLC is the left bookrunner for the Rule 144A with registration rights notes offering.

Credit Suisse, Citigroup and JP Morgan are joint bookrunners.

Proceeds will be used to help fund LBO of the company by Warburg Pincus.

Bausch & Lomb is a Rochester, N.Y., eye health care company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.