Bausch Health Companies Inc. has announced the final results and expiration of their previously announced exchange offers. The offers were to exchange the company’s outstanding 4.875% senior secured notes due 2028 and 11.00% senior secured notes due 2028 for up to $1.6 billion aggregate principal amount of the issuer’s 10.00% senior secured notes due 2032.
As of the expiration time, an aggregate principal amount of $2.7 billion of existing senior secured notes had been validly tendered (and not validly withdrawn) in the offers. The breakdown of the tendered principal amounts and the amount accepted for exchange are as follows:
- $1,519,477,000 of the 11.00% senior secured notes were tendered, with $885,806,000 being accepted for exchange.
- $1,170,539,000 of the 4.875% senior secured notes were tendered, with $797,431,000 being accepted for exchange.
Upon settlement of the offers, which is expected to occur on December 26, 2025, there will be approximately $1,600 million principal amount of new notes issued in respect of the existing senior secured notes to be accepted in the offers.
Sullivan & Cromwell LLP and Norton Rose Fulbright Canada LLP acted as legal counsel, and Evercore Inc. acted as a financial advisor to the company in this process. As a result of these announcements, the company's shares have moved 2.49% on the market, and are now trading at a price of $6.99. For the full picture, make sure to review Bausch Health's 8-K report.
