Bausch Health Companies Inc. Announces Final Results of Exchange Offers

Bausch Health Companies Inc. has announced the final results and expiration of its previously announced offers to exchange its outstanding 4.875% Senior Secured Notes due 2028 and 11.00% Senior Secured Notes due 2028. The exchange offers aimed to issue up to $1.6 billion aggregate principal amount of new 10.00% Senior Secured Notes due 2032. The offers expired on December 23, 2025, with approximately $2.7 billion aggregate principal amount of existing notes validly tendered. The company expects to issue approximately $1.6 billion in aggregate principal amount of new notes. Holders whose notes are accepted for exchange will also receive a cash payment for accrued interest, if applicable. The settlement date for the exchange offers is anticipated to be December 26, 2025. Legal counsel for the company included Sullivan & Cromwell LLP and Norton Rose Fulbright Canada LLP, with Evercore Inc. acting as financial advisor.