LAVAL, QC — December 23, 2025 — Leads & Copy — Bausch Health Companies Inc. and its subsidiary, 1261229 B.C. Ltd., have announced the final results and expiration of their offers to exchange outstanding senior secured notes. The offers involved the company’s 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.
The exchange offers expired at 5:00 p.m., New York City time, on December 23, 2025. D.F. King & Co., Inc., the exchange agent and information agent for the offers, reported that an aggregate principal amount of $2.7 billion of Existing Senior Secured Notes had been validly tendered and not validly withdrawn as of the expiration time.
Specifically, $1,519,477,000 of the BHC 11.00% Senior Secured Notes due 2028 were tendered, with $885,806,000 accepted and $903,359,000 in aggregate New Notes issued. Additionally, $1,170,539,000 of the BHC 4.875% Senior Secured Notes due 2028 were tendered, with $797,431,000 accepted and $696,641,000 in aggregate New Notes issued.
Subject to the terms and conditions outlined in the Exchange Offer Memorandum, the settlement of the offers is expected to occur on December 26, 2025. Approximately $1,600 million principal amount of New Notes will be issued in respect of the Existing Senior Secured Notes accepted in the Offers. Eligible holders who have certified their eligibility and whose Existing Senior Secured Notes are accepted for exchange will also receive a cash amount equal to the difference between the accrued interest due on the Existing Senior Secured Notes and the accrued and unpaid interest due on the New Notes.
Sullivan & Cromwell LLP and Norton Rose Fulbright Canada LLP served as legal counsel, while Evercore Inc. acted as financial advisor to Bausch Health Companies Inc.
This announcement is for informational purposes only and does not constitute an offer to buy or sell securities. The New Notes have not been registered under the Securities Act of 1933 or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption. The New Notes have also not been qualified for sale to the public by prospectus under applicable Canadian securities laws.
Bausch Health Companies Inc. is a global, diversified pharmaceutical company focused on delivering better health care outcomes. The company develops, manufactures, and markets products in gastroenterology, hepatology, neurology, dermatology, dentistry, aesthetics, international pharmaceuticals, and eye health through its controlling interest in Bausch + Lomb Corporation.
Investor Contact:
Garen Sarafian
ir@bauschhealth.com
(877) 281-6642 (toll free)
Media Contact:
Katie Savastano
corporate.communications@bauschhealth.com
(908) 541-3785
Source: Bausch Health Companies Inc.
