Bausch Health tenders, solicits consents for 7˝% notes due 2021

By Wendy Van Sickle

Columbus, Ohio, Nov. 7 – Bausch Health Cos. Inc. began a cash tender offer for any and all of its $1.5 billion 7˝% senior notes due 2021, according to a press release.

The company is also soliciting noteholder consents to some proposed amendments to the note indenture that would eliminate substantially all of the restricted covenants and events of default and related provisions.

For each $1,000 principal amount of notes, Bausch will pay $1,022.50 to holders who tender their notes by the consent deadline, 5 p.m. ET on Nov. 21.

The total includes a consent fee of $30 per $1,000 of notes that will not be paid to holders who tender after that deadline but before the tender offer expires at 11:59 p.m. ET on Dec. 6.

The deadline to withdraw tenders and consents is 5 p.m. ET on Nov. 21.

Settlement for notes tendered by the consent deadline is expected to occur on Nov. 30.

Holders may not tender their notes without delivering their consents and may not deliver their consents without tendering their notes.

The tender offer and the consent solicitation are conditioned upon the satisfaction or waiver of some conditions, including the completion of the company’s previously announced incremental term loan facility and/or other debt financing by Valeant Pharmaceuticals International, a wholly owned indirect subsidiary of Bausch Health.

The tender offer and consent solicitation are also conditioned upon receipt of consents from holders of a majority of the notes.

Barclays (212 528-7581 or 800 438-3242) and J.P. Morgan Securities LLC (212 834-3260 or 866 834-4666) are the dealer managers and solicitation agents.

Global Bondholder Services Corp. (866 470-4200 or 212 430-3774) is the depositary and the information agent.

Bausch Health is a Laval, Quebec-based specialty pharmaceutical company. The company was formerly known as Valeant Pharmaceuticals International, Inc.

© 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.