Bausch closes $1.5B debt offering, note redemption

Bausch Health (NYSE:BHC) said late last week that it closed a $1.5 billion offering of senior notes with funds raised slated to support the repurchasing of previously offered senior notes.

The Quebec-based company said it closed an offering of $500 million in 5.75% senior secured notes due 2027 and that its Bausch Health Americas business, formerly known as Valeant Pharmaceuticals, closed an offering of $1 billion of 8.5% senior unsecured notes due 2027.

Net proceeds from the offerings, alongside cash on hand, will be used to repurchase $1.5 billion in outstanding notes, including 5.625% senior notes due 2021, up to $800 million in 5.5% senior notes due 2023 and 5.875% senior notes due 2023 and to repay related fees and expenses.

Bausch said that it expects the after-tax impact of the transactions to be neutral to its 2019 adjusted net income, according to a press release.

Last month, subsidiary Bausch + Lomb said that it won FDA 510(k) clearance for the use of Tangible Hydra-PEG contact lens coating on new devices, now cleared for use with lenses made from its Boston gas permeable materials.

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