Bausch Health Companies Inc. has completed previously announced exchange offers involving its outstanding 4.875% and 11.00% Senior Secured Notes due 2028. In the transaction, the company and its indirect wholly owned subsidiary, 1261229 B.C. Ltd., exchanged these notes for up to $1.6 billion aggregate principal amount of new 10.00% Senior Secured Notes due 2032. The new notes, issued on December 26, 2025, are secured by a first priority lien on substantially all assets of the issuer and other guarantors, including a pledge of approximately 60% of the outstanding common shares of Bausch + Lomb Corporation. The exchange was executed under an indenture originally dated April 8, 2025, and supplemented on December 26, 2025.
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