LAVAL, Quebec, Nov. 7, 2018 /PRNewswire/ -- Bausch Health
Companies Inc. (NYSE/TSX: BHC) ("Bausch Health" or the "Company") today announced that it is seeking to enter into an incremental
term loan facility amendment to its existing credit agreement (the "Credit Agreement") pursuant to which the Company's wholly
owned subsidiary, Valeant Pharmaceuticals International ("VPI"), is expected to borrow $750 million
of new term B loans (the "New Term B Loans") under the Credit Agreement. The Company also intends, subject to market conditions,
to have VPI issue $750 million of secured debt securities (the "New Debt Securities").
The net proceeds of the New Term B Loans and the New Debt Securities, along with cash on hand, are expected to be used to
refinance the Company's outstanding 7.500% Senior Notes due 2021.
The foregoing transactions are subject to market and other conditions, and are anticipated to close in the fourth quarter of
2018. However, there can be no assurance that the Company will be able to successfully complete the transactions, on the terms
described above, or at all.
The New Debt Securities will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or any
state securities law and may not be offered or sold in the United States absent registration or
an applicable exemption from registration under the Securities Act and applicable state securities laws. The New Debt Securities
have not been and will not be qualified for sale to the public by prospectus under applicable Canadian securities laws and,
accordingly, any offer and sale of the securities in Canada will be made on a basis which is
exempt from the prospectus requirements of such securities laws.
This news release is being issued pursuant to Rule 135c under the Securities Act and shall not constitute an offer to sell or
the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of
securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction.
About Bausch Health
Bausch Health Companies Inc. (NYSE/TSX: BHC) is a global company whose mission is to improve people's lives with our
health care products. We develop, manufacture and market a range of pharmaceutical, medical device and over-the-counter products,
primarily in the therapeutic areas of eye health, gastroenterology and dermatology. We are delivering on our commitments as we
build an innovative company dedicated to advancing global health.
Forward-looking Statements
This news release may contain forward-looking statements, including, but not limited to, our refinancing transaction
and the details thereof, including the proposed use of proceeds therefrom, the expected timing of the closing of the refinancing
and our ability to close such refinancing, the planned incremental term loan facility amendment to our Credit Agreement proposed
in connection with such refinancing, the potential offering debt securities proposed in connection with the refinancing and the
details thereof, and the other expected effects of the refinancing. Forward-looking statements may generally be identified by the
use of the words "anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "will," "believes,"
"estimates," "potential," "target," or "continue" and variations or similar expressions. These statements are based upon the
current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results
to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not
limited to, risks and uncertainties discussed in the Company's most recent annual and quarterly reports and detailed from time to
time in Bausch Health's other filings with the Securities and Exchange Commission and the Canadian Securities Administrators,
which factors are incorporated herein by reference. Readers are cautioned not to place undue reliance on any of these
forward-looking statements. These forward-looking statements speak only as of the date hereof. Bausch Health undertakes no
obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this news
release or to reflect actual outcomes, unless required by law.
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SOURCE Bausch Health Companies Inc.