Bausch + Lomb softens in trading with planned debt financed acquisition; Lackawanna on deck

By Sara Rosenberg

New York, June 30 – Bausch + Lomb Corp.’s term loan head lower in the secondary market on Friday following the company’s announcement that it plans to buy certain assets from Novartis and take on additional debt to fund the upfront cash purchase price.

Bausch + Lomb’s term loan fell to 96¼ bid, 97¼ offered on Friday from 97 5/8 bid, 98 1/8 offered on Thursday in reaction to news of an acquisition, which will be funded with debt, according to a market source.

Under the agreement, Bausch + Lomb will purchase Xiidra, a non-steroid eye drop specifically approved to treat the signs and symptoms of dry eye disease, libvatrep, an investigational compound being studied for the treatment of chronic ocular surface pain, and AcuStream, an investigational device that may have the potential to facilitate precise dosing and accurate delivery of certain topical ophthalmic medications to the eye, from Novartis.

Meanwhile, in the primary market, Lackawanna Energy Center LLC joined the near-term calendar with a term loan B-2 and term loan C strip.

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