Bausch + Lomb Corporation ("Bausch + Lomb") (NYSE/TSX:BLCO), a subsidiary of Bausch Health Companies Inc. (the "Company") (NYSE/TSX:BHC), announced today that, in connection with the financing of its pending acquisition (the "Acquisition") of XIIDRA® and certain other ophthalmology assets, Bausch + Lomb Escrow Corp. (the "Escrow Issuer"), a wholly owned subsidiary of Bausch + Lomb, launched an offering of $1.4 billion aggregate principal amount of new senior secured notes due 2028 (the "Notes") and that Bausch + Lomb is seeking to enter into an incremental term loan facility ("Term Loan Facility"), which will be secured on a pari passu basis with Bausch + Lomb's existing term loan facility and will either be in the form of an incremental amendment to Bausch + Lomb's existing term loan facility or a separate credit agreement. Bausch + Lomb is expected to borrow $500 million of new term B loans (the "New Term B Loans") under the Term Loan Facility upon the closing of the Acquisition.
The net proceeds of the New Term B Loans and the offering of the Notes are expected to fund the Acquisition, to pay fees and expenses related to the Acquisition, the borrowings of the New Term B Loans and the offering of the Notes and for general corporate purposes, including the repayment of existing debt.
Closing of the Term Loan Facility will be conditioned upon completion of the Acquisition and will occur concurrently with the closing of the Acquisition. Closing of the Notes offering will not be conditioned upon completion of the Acquisition, but if the Acquisition does not occur on or prior to September 30, 2024, the Escrow Issuer will be required to redeem the Notes at such time at a redemption price equal to the principal amount of the Notes plus accrued and unpaid interest.
https://finance.yahoo.com/news/bausch-healths-bausch-lomb-announces-120000540.html
