Bausch Health commences tender offer for 7% secured notes due 2024

Chicago, May 24 – Bausch Health Cos. Inc. launched a tender offer on Monday for any and all of its $1.7 billion outstanding 7% senior secured notes due 2024 (Cusips: 91911KAK8, C94143AK7), according to a press release.

The company is offering to pay a total consideration of $1,019.25 per $1,000 note, inclusive of a $30 early tender premium for noteholders who tender their notes by the early tender time of 5 p.m. ET on June 7. Interest will also be paid as consideration for the notes to the applicable settlement date.

The early tender time is also the withdrawal deadline.

The offer expires at 11:59 p.m. ET on June 21.

The company has also issued a conditioned notice of redemption for any notes not tendered in the offer. Bausch Health plans on buying back any of the notes not tendered on June 23.

The offer is conditioned upon settlement of the announced offering of $1.6 billion of new notes, also launched Monday.

Goldman Sachs & Co. LLC is the dealer manager (212 902-5962, 800 828-3182).

Global Bondholder Services Corp. is the information agent (866 470-3800, 212 430-3774).

Based in Laval, Quebec, Bausch develops, manufactures and markets pharmaceutical, medical device and over-the-counter products, primarily in the therapeutic areas of eye health, gastroenterology and dermatology.

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