S&P rates Bausch + Lomb loan, notes B-

S&P said it assigned its B- issue-level ratings to Bausch + Lomb Corp.'s planned $500 million term loan B and Bausch & Lomb Escrow Corp.'s proposed $1.4 billion of senior secured notes. The recovery rating is 3, reflecting meaningful recovery (50% to 70%; rounded estimate 50%) in default.

“The new debt will rank pari passu with the company's existing senior debt, which we rate at the same level,” the agency said in a press release.

B+L will use the proceeds to fund the previously announced acquisition of the ocular surface pharmaceuticals portfolio of Novartis, including Xiidra, a treatment for dry eye disease.

The outlook is positive.

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