Bausch Health Reports on Early Exchange Offer Results

Bausch Health Companies Inc. has announced the early results of its exchange offers for senior secured notes. The company aims to exchange its current 4.875% and 11.00% Senior Secured Notes due 2028 with new 10.00% Senior Secured Notes due 2032, capped at $1.6 billion. As of December 8, 2025, $2.69 billion in notes have been tendered, exceeding the maximum limit.

Withdrawal rights expired on the same date, meaning that tenders cannot be retracted going forward. The offers will end on December 23, 2025. However, any new tenders after the early deadline won't be accepted due to the surpassed limit. Settlement for the new notes is expected within three business days after the expiration time.

The offers target qualified institutional buyers in the U.S. and compliance with Regulation S internationally, excluding jurisdictions where such offers are not legally compliant. The company emphasizes that decisions on tender participation rest solely with note holders. The New Notes are unregistered under the Securities Act and not available for general sale.