Bausch Health Completes $7.9 Billion Refinancing
Deal News | May 21, 2025 | Proskauer Rose (UK) LLP
Proskauer Rose (UK) LLP, a leading international law firm, announced its advisory role in Bausch Health Companies Inc.'s massive $7.9 billion refinancing transaction. The deal includes $4.4 billion in senior secured notes, a $500 million senior secured revolving credit facility, and a $3 billion senior secured term loan B facility. This transaction, which closed on April 8, 2025, marks the second-largest high-yield bond offering of the year. The refinance aims to improve Bausch Health's capital structure by extending debt maturities, enhancing financial flexibility, and allowing strategic initiatives. J.P. Morgan Securities LLC led as the book-running manager, with other prominent banks involved. Evercore served as financial advisor to Bausch Health. Proskauer's involvement was comprehensive, involving various partners and associates across numerous specialties. Proskauer is recognized for its pragmatic, commercial approach and its ability to handle complex, game-changing financial deals globally.
Sectors
- Healthcare
- Finance
- Legal Advisory
- Investment Banking
Geography
- United States – Bausch Health Companies Inc. is prominently listed on the NYSE, and several participants, including Proskauer Rose LLP and J.P. Morgan, are based in the US.
- Canada – Bausch Health is also listed on the TSX, indicating its Canadian market operations and relevance.
- United Kingdom – Proskauer Rose has a strong presence in the UK, emphasizing its involvement from this financial hub.
Industry
- Healthcare – Bausch Health Companies Inc. operates in the healthcare sector, providing pharmaceuticals and medical devices globally.
- Finance – The article centers around a refinancing transaction involving the issuance of senior secured notes and loans, clearly implicating the finance industry.
- Legal Advisory – Proskauer Rose LLP's involvement as a legal advisor in the transaction highlights the legal advisory sector's role in complex financial structuring.
- Investment Banking – Several investment banks, such as J.P. Morgan, Barclays, and others, were involved in managing and arranging the refinancing, indicating investment banking's significance.
Financials
- $7.9 Billion – The total value of Bausch Health's refinancing transaction.
- $4.4 Billion – Value of senior secured notes included in the refinancing.
- $500 Million – Value of the new senior secured revolving credit facility.
- $3.0 Billion – Value of the new senior secured term loan B facility.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Bausch Health Companies Inc. | Target | Company | A pharmaceutical company involved in the $7.9 billion refinancing transaction. |
| Proskauer Rose (UK) LLP | Legal Advisor | Company | An international law firm that advised Bausch Health on the transaction. |
| J.P. Morgan Securities LLC | Lead Book-running Manager | Company | Led the management of the senior notes offering. |
| Evercore | Financial Advisor | Company | Advised Bausch Health on financial aspects of the refinancing. |
| Barclays, Deutsche Bank Securities, Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., Truist Securities | Joint Book-running Managers | Company | Acted as joint managers for the senior notes offering. |
| J.P. Morgan Chase Bank, N.A., Barclays Bank PLC, Deutsche Bank Securities Inc., Goldman Sachs Lending Partners LLC, Citigroup Global Markets Inc., Truist Securities, Inc. | Joint Lead Arrangers and Bookrunners | Company | Involved in arranging the new credit facilities. |