Bausch Health launches offers to exchange senior secured notes

Bausch Health (BHC) Companies announced the commencement of offers to exchange the Company’s outstanding 4.875% Senior Secured Notes due 2028 and 11.00% Senior Secured Notes due 2028 or up to $1.6 billion aggregate principal amount of new 10.00% Senior Secured Notes due 2032 issued by 1261229 B.C. Ltd., the Company’s indirect wholly-owned subsidiary, in each case, pursuant to the terms described in a confidential exchange offer memorandum dated November 24, 2025. The New Notes will be treated as a single series with the Issuer’s $4.4 billion principal amount of 10.00% Senior Secured Notes due 2032 that were issued in April 2025 and will be issued under the same indenture. Further, the New Notes are expected to have the same CUSIP numbers as, and to be fungible for trading purposes with, the Existing NumberCo Notes. The Offers are scheduled to expire on December 23, 2025, unless extended in accordance with applicable laws and the terms of the Offers. The Company is conducting the Offers to manage its intermediate term debt maturities as permitted under its outstanding debt agreements.