Bausch + Lomb, a leading global eye health company, has recently closed an upsized offering of €675 million senior secured floating rate notes due 2031. The notes were sold to investors at a price of 99.500% of the principal amount thereof and bear interest at the rate of three-month euribor (with a 0% floor) plus 3.875% per year, reset quarterly.
In addition, the company has completed a partial refinancing of its credit agreement, entering into a third amendment to its existing credit agreement providing for a $2.325 billion term B loan facility maturing in 2031 and an $800 million revolving credit facility maturing in 2030. The amortization rate for the new term B loans is 1.00% per annum, with the first installment payable on September 30, 2025.
The net proceeds from the notes offering and the new term B loans were 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 press release did not provide specific comparative figures from the previous period, but it is evident that Bausch + Lomb has made significant financial moves to refinance its credit, with an upsized offering of senior secured notes and the arrangement of substantial term B loans and a revolving credit facility.
Bausch + Lomb, with approximately 13,500 employees and a presence in approximately 100 countries, has 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. Today the company's shares have moved 1.48% to a price of $6.505. If you want to know more, read the company's complete 8-K report here.
