Bausch Health extends tender offer for 7% secured notes due 2024 to reflect new federal holiday

By Rebecca Melvin

Concord, N.H., June 22 – Bausch Health Cos. Inc. has extended its May 24 tender offer for any and all of its $1.7 billion outstanding 7% senior secured notes due 2024 (Cusips: 91911KAK8, C94143AK7) by one day to account the new June 18 federal holiday, according to a press release.

“The expiration date is being extended by one business day, as applicable securities regulations require minimum tender offer periods and Juneteenth would not count as a business day as it became a federal holiday because of legislation enacted on June 17, 2021,” the release stated.

The offer now expires at 11:59 p.m. ET on June 22, and final settlement is expected to occur on June 23. All other terms and conditions of the tender offer remain unchanged.

As previously reported, 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 tendered 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 was also the withdrawal deadline.

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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