Bausch + Lomb Corporation (NYSE/TSX: BLCO) has announced the pricing of an upsized senior secured notes offering. The company's subsidiaries, Bausch+Lomb Netherlands B.V. and Bausch & Lomb Incorporated, have priced the offering of €675 million aggregate principal amount of senior secured floating rate notes due 2031. This is an increase from the previously announced €600 million aggregate principal amount of notes. 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, intending to obtain a $2.325 billion new term B loan facility and a new $800 million revolving credit facility. The allocated size of the new term B loan facility was increased from the previously announced $2.2 billion.
The net proceeds from the notes offering and the new term B loan facility will be used to repay in full the outstanding borrowings under the existing revolving credit facility, to refinance in full the outstanding term A loans due 2027 and term B loans due 2027, and to pay related fees and expenses.
The company's closing of the notes offering is expected to occur on June 26, 2025, subject to customary closing conditions.
Bausch + Lomb is a leading global eye health company with a comprehensive portfolio of approximately 400 products, including contact lenses, lens care products, eye care products, ophthalmic pharmaceuticals, over-the-counter products, and ophthalmic surgical devices and instruments. The company has approximately 13,500 employees and a presence in approximately 100 countries. Today the company's shares have moved 7.85% to a price of $6.18. For more information, read the company's full 8-K submission here.
