Bausch Health and Bausch + Lomb Corporation Announce Closing of Bausch + Lomb IPO and Debt Transactions


LAVAL, QC and VAUGHAN, ON, May 10, 2022 /PRNewswire/ — Bausch + Lomb Corporation (NYSE/TSX: BLCO) (“Bausch + Lomb”) and Bausch Health Companies Inc. (NYSE/TSX: BHC) (“Bausch Health”) today announced the closing of public offering (“IPO”) of Bausch + Lomb. A wholly owned subsidiary of Bausch Health (the “Selling Shareholder”) sold 35,000,000 common shares at a public offering price of $18.00 per share for total gross proceeds of $630 million, before deduction of underwriting fees and estimated offering costs. The selling shareholder has granted the underwriters a 30-day option to purchase up to an additional 5,250,000 common shares of Bausch + Lomb to cover over-allotments, if any, at the initial public offering price, less discounts and commissions.

The common shares began trading on the New York Stock Exchange (“NYSE”) and the Toronto Stock Exchange (“TSX”) on May 6, 2022, in each case under the symbol “BLCO”. Bausch Health, together with its subsidiaries, now owns approximately 90.0% of the common stock of Bausch + Lomb (before giving effect to the over-allotment option).

In connection with the IPO, Bausch Health entered into its previously announced second amendment (the “Second Amendment”) to its existing credit agreement (the “Existing Credit Agreement”). The second amendment provides for a new term facility in an aggregate principal amount of $2,500 million (the “2027 B Term Loan Facility”) maturing on February 15, 2027 and a new revolving credit facility of $975 million (the “2027 Revolving Credit Facility”) which will mature on the earliest of the following dates: February 15, 2027 and the date that is 91 calendar days prior to the scheduled maturity of indebtedness for money borrowed from Bausch Health and Bausch Health Americas, Inc. (“BHA”), a wholly owned subsidiary of Bausch Health, of a aggregate principal amount greater than $1 trillion.

In addition, Bausch + Lomb has entered into a credit and guarantee agreement (the “Bausch + Lomb Credit Agreement”). Bausch + Lomb’s credit agreement provides for a five-year term loan facility with an initial principal amount of $2,500 million. The Bausch + Lomb Credit Agreement also provides for a five-year revolving credit facility in the amount of $500 million.

Net proceeds from the IPO, as well as proceeds from Bausch Health’s term loans under the 2027 Term Loan Facility B, funds received from Bausch + Lomb on its borrowings under its new term loan facility as repayment of an intercompany note and available cash, were used to (i) repay Bausch Health’s existing term loans and (ii) fund the previously announced conditional repayment of all bonds to 6.125% of Bausch Health maturing in 2025 at a redemption price of 101.021% of their principal amount. The redemption funds have been irrevocably deposited with The Bank of New York Mellon, as trustee (the “Trustee”) under the indenture governing the 6.125% Bonds Due 2025 (the “Trustee Indenture”). 6.125% Bonds”) and the 6.125% Bond Deed has been discharged.

Also today, Bausch Health advised the trustee and holders of its outstanding 9.000% senior notes due 2025 that the conditions of its previously announced conditional redemption of these notes would not be satisfied, and the conditional redemption has been cancelled.

About Bausch + Lomb
Bausch + Lomb, a leading global eye health company of Bausch Health Companies, Inc., is dedicated to protecting and enhancing the gift of sight for millions of people around the world, from moment of birth at every stage of life. Its comprehensive portfolio of over 400 products includes contact lenses, lens care products, eye care products, ophthalmic pharmaceuticals, over-the-counter products, and ophthalmic surgical devices and instruments. Founded in 1853, Bausch + Lomb has a significant global research and development, manufacturing and sales footprint with more than 12,000 employees and a presence in nearly 100 countries. Bausch + Lomb is headquartered in Vaughan, ON with headquarters in Bridgewater, New Jersey.

About Bausch Health
Bausch Health Companies Inc. (NYSE/TSX: BHC) is a diversified global pharmaceutical company whose mission is to improve people’s lives through our healthcare products. We develop, manufacture and market a range of products primarily in the areas of gastroenterology, hepatology, neurology, dermatology, international pharmaceuticals and eye health through our participation in 90% in Bausch + Lomb Corporation. With our leading sustainable brands, we deliver on our commitments by building an innovative company dedicated to advancing global health.

Forward-looking statements
This press release may contain forward-looking statements about Bausch + Lomb and Bausch Health, which can generally be identified by the use of the words “anticipates”, “hopes”, “expects”, “intends”. , “plans”, “should”, “could”, “will”, “may”, “believe”, “subject to” and variations or similar expressions, including statements about Bausch + Lomb’s ability to comply with the financial and other covenants contained in the Bausch + Lomb Credit Agreement; and Bausch Health’s ability to comply with the financial and other covenants contained in the Second Amendment to the Existing Credit Agreement. These statements are based on management’s current expectations and beliefs and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. In addition, actual results are subject to other risks and uncertainties that relate more broadly to the overall business of Bausch Health and Bausch + Lomb, including those described in more detail in Bausch + Lomb’s respective filings. and Bausch Health with the United States Securities and Exchange Commission and the Canadian Securities Administrators, which factors are incorporated herein by reference.

Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. Bausch Health and Bausch + Lomb undertake no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect actual results, except as required by law. required.

Bausch Health logo (PRNewsfoto/Bausch Health Companies Inc.)

Bausch + Lomb (PRNewsfoto/Bausch + Lomb)

Bausch + Lomb (PRNewsfoto/Bausch + Lomb)



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SOURCE Bausch Health Companies Inc.; Bausch + Lomb Company


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