Bausch + Lomb Corporation (NYSE/TSX: BLCO) has announced the pricing of an upsized senior secured notes offering. The offering of €675 million aggregate principal amount of senior secured floating rate notes due 2031 was increased from the previously announced €600 million aggregate principal amount. The notes will be sold to investors at a price of 99.500% of the principal amount thereof.
In addition to the notes offering, the company is seeking to partially refinance its credit agreement. It intends to obtain a $2.325 billion new term B loan facility, with the allocated size of the facility increased from the previously announced $2.2 billion. The company also plans to secure a new $800 million revolving credit facility. The net proceeds from the notes offering and the new term B loan facility will be used to repay the outstanding borrowings under its existing revolving credit facility, refinance its outstanding term A loans due 2027 and term B loans due 2027, and pay related fees and expenses.
The company expects the closing of the notes offering to occur on June 26, 2025, subject to customary closing conditions. It is also anticipated that the new term B loan facility and new revolving credit facility will close on the same day. However, the company has cautioned that there can be no assurances that these transactions will be completed on the terms described or at all.
The notes will be guaranteed by the company and its subsidiaries, and will be secured on a first priority basis by liens on the same assets that secure the obligations under the company’s credit agreement and its outstanding senior secured notes.
Bausch + Lomb is a leading global eye health company with a comprehensive portfolio of approximately 400 products. It has a significant global research and development, manufacturing, and commercial footprint with approximately 13,500 employees and a presence in around 100 countries. The company is headquartered in Vaughan, Ontario, with corporate offices in Bridgewater, New Jersey. As a result of these announcements, the company's shares have moved 7.85% on the market, and are now trading at a price of $6.18. For more information, read the company's full 8-K submission here.
