Bausch Health completes cross-border issuance and sale of US$2 billion of senior unsecured notes

On Dec. 3, Bausch Health Companies Inc. (NYSE/TSX: BHC) (the Company) completed its cross-border issuance and sale of US$2.0 billion aggregate principal amount of senior unsecured notes, comprised of US$1,000 million aggregate principal amount of its new 5.000 per cent senior secured notes due 2029 (the 2029 Notes) and of US$1,000 million aggregate principal of its new 5.250 per cent senior notes due 2031 (the 2031 Notes and, together with the 2029 Notes, the Notes) (such offerings, the Notes Offerings).

The proceeds of the Notes Offerings, along with cash on hand, were used to redeem US$1,758 million aggregate principal amount of the Company’s outstanding 4.500 per cent senior notes due 2023 and US$233 million aggregate principal amount of the Company’s outstanding 5.500 per cent Senior Notes due 2023, and to pay related fees and expenses.

Bausch Health’s internal legal team was led by
Christina Ackermann, executive vice president and general counsel,
Judah Bareli, senior director, legal affairs (New Jersey),
Daniel Yelin, associate general counsel, head of legal Canada (Montreal).

Norton Rose Fulbright acted as counsel to Bausch Health Companies Inc. through its offices in Montreal, Moscow and London with a team led by
Peter Wiazowski,
and which included
Thomas Nichols,
Dan Ton-That,
Audrey Levesque (Montreal),
Aleksander Tsakoev,
Yevgenia Belokon (Moscow),
Tomas Gardfors,
Yens Nessow (London)
and with Derek Chiasson advising regarding Canadian tax matters.

Blake, Cassels & Graydon LLP acted as Canadian counsel to the initial purchasers with a team led by
Cat Youdan,
and which included
Ralph Lindzon,
Kendall Grant (securities),
Andrew Spiro,
Annika Wang (tax). 

Davis Polk & Wardwell LLP represented Bausch Health in the U.S. with a team led by
Michael Kaplan.

Cahill Gordon & Reindel LLP represented the initial purchasers in the U.S. with a team led by
Noah Newitz,
Timothy Howell,
and which included
Mark Loftus,
Dana Sorbi,
Richard Pan.