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30.08.2022 23:28
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Bausch Health Announces Exchange Offers and Consent Solicitations for Certain Existing Senior Notes with Support from Approximately 23% of Outstanding Existing Senior Notes
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PR Newswire
LAVAL, Quebec, Aug. 30, 2022
LAVAL, Quebec, Aug. 30, 2022 /PRNewswire/ -- Bausch Health Companies Inc. (NYSE/TSX: BHC) ( "Company") announced today that it has commenced offers (the "Exchange Offers") to exchange the existing senior notes set forth in the table below (the "Existing Senior Notes") for up to an aggregate principal amount of $4.0 billion (subject to increase or decrease by the Offerors, the "Maximum New Secured Notes Amount") of new secured notes, comprised of (i) up to $2.5 billion in aggregate principal amount (the "Maximum First Lien Notes Amount") of new 11.00% First Lien Secured Notes due 2028 (the "New First Lien Notes") and up to $500.0 million in aggregate principal amount (the "Maximum Second Lien Notes Amount") of new 14.00% Second Lien Secured Notes due 2030 (the "New Second Lien Notes" and, together with the New First Lien Notes, the "New BHC Secured Notes"), in each case, to be issued by the Company, and (ii) $1.0 billion in aggregate principal amount (the "Holdco Notes Amount") of new 9.00% Senior Secured Notes due 2028 (the "Intermediate Holdco Secured Notes" and, together with the New BHC Secured Notes, the "New Secured Notes") to be issued by 1375209 B.C. Ltd. (the "Holdco Issuer" and, together with the Company, the "Offerors"), an existing wholly-owned unrestricted subsidiary of the Company that holds 38.6% of the outstanding issued and common shares of Bausch + Lomb Corporation, in each case, pursuant to the terms described in an Exchange Offer Memorandum and Consent Solicitation Statement, dated August 30, 2022 (the "Exchange Offer Memorandum").
Certain holders of the Existing Senior Notes (the "Supporting Holders"), who collectively represent approximately 22.8% of the aggregate principal amount of the outstanding Existing Senior Notes, including approximately (i) 24.2% of the 9.00% Senior Notes due 2025, (ii) 35.1% of the 9.25% Senior Notes due 2026, (iii) 49.8% of the 8.50% Senior Notes due 2027, (iv) 36.5% of the 7.00% Senior Notes due 2028, (v) 26.8% of the 5.00% Senior Notes due 2028, (vi) 10.6% of the 5.00% Senior Notes due 2029, (vii) 5.0% of the 6.25% Senior Notes due 2029, (viii) 17.1% of the 7.25% Senior Notes due 2029 and (ix) 6.0% of the 5.25% Senior Notes due 2031, have entered into a support agreement with the Company (the "Support Agreement"), pursuant to which the Supporting Holders have agreed to tender all of their Existing Senior Notes in the Exchange Offers. The Support Agreement provides that Supporting Holders will have certain consent rights over extensions, amendments or waivers to the Exchange Offers or Consent Solicitations by the Company.
The following table describes certain terms of the Exchange Offers:
| Title of Existing | CUSIP Number(1) (Rule 144A/Reg S) | Principal Amount | Tender Cap | Acceptance | New Secured Notes | Exchange | Early Exchange | Total |
| 9.00% Senior Notes | 91911KAP7 / | $ 1,500,000,000 | N/A | 1 | New First Lien Notes New Second Lien Notes Intermediate Holdco Secured Notes Total | $ 421.00 | $ 31.00 $ 6.00 $ 13.00 $ 50.00 | $ 452.00 $ 89.50 $ 181.00 $ 722.50 |
| 9.25% Senior Notes | 91911XAV6 / | $ 1,500,000,000 | N/A | 2 | New First Lien Notes New Second Lien Notes Intermediate Holdco Secured Notes Total | $ 396.00 | $ 31.00 $ 6.00 $ 13.00 $ 50.00 | $ 427.00 $ 84.50 $ 171.00 $ 682.50 |
| 8.50% Senior Notes | 91911XAW4 / | $ 1,750,000,000 | $500,000,000(7) | 3 | New First Lien Notes New Second Lien Notes Intermediate Holdco Secured Notes Total | $ 338.00 | $ 31.00 $ 6.00 $ 13.00 $ 50.00 | $ 369.00 |
| 5.25% Senior Notes | 071734AL1 / | $ 909,188,000 | N/A | 4 | New First Lien Notes New Second Lien Notes Intermediate Holdco Secured Notes Total | $ 263.00 | $ 31.00 $ 6.00 $ 13.00 $ 50.00 | $ 294.00 $ 58.00 $ 118.00 $ 470.00 |
| 5.25% Senior Notes | 071734AJ6 / | $ 1,201,000,000 | N/A | 5 | New First Lien Notes New Second Lien Notes Intermediate Holdco Secured Notes Total | $ 244.00 | $ 31.00 $ 6.00 $ 13.00 $ 50.00 | $ 275.00 $ 55.00 Werbung Mehr Nachrichten zur Bausch Health Companies Aktie kostenlos abonnieren
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