Bausch Health Enters Material Agreement, Incurs Financial Obligation

TL;DR

Bausch Health just signed a big deal that means they owe money. #Finance

AI Summary

On November 1, 2024, Bausch Health Companies Inc. filed an 8-K to report the entry into a material definitive agreement and the creation of a direct financial obligation. The filing details financial obligations and includes exhibits related to these events.

Why It Matters

This filing indicates Bausch Health has entered into a significant agreement that will create a direct financial obligation, impacting its financial structure and future commitments.

Risk Assessment

Risk Level: medium — Entering into material definitive agreements and creating new financial obligations can introduce financial risks and alter a company's balance sheet.

Key Players & Entities

• Bausch Health Companies Inc. (company) — Registrant
• November 1, 2024 (date) — Date of Report
• Valeant Pharmaceuticals International, Inc. (company) — Former Company Name
• BIOVAIL Corp (company) — Former Company Name

FAQ

Key Financial Figures

• $400,000,000 — ursuant to which Bausch + Lomb borrowed $400,000,000 of new term loans (the "Bausch + Lomb S

Filing Documents

• dp220184_8k.htm (8-K) — 29KB
• 0000950103-24-015811.txt ( ) — 200KB
• bhc-20241101.xsd (EX-101.SCH) — 3KB
• bhc-20241101_lab.xml (EX-101.LAB) — 33KB
• bhc-20241101_pre.xml (EX-101.PRE) — 22KB
• dp220184_8k_htm.xml (XML) — 4KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement Bausch + Lomb Second Incremental Amendment On November 1, 2024, Bausch + Lomb Corporation ("Bausch + Lomb"), a subsidiary of Bausch Health Companies Inc., entered into an amendment (the "Bausch + Lomb Second Incremental Amendment") to the credit and guaranty agreement, dated as of May 10, 2022 (as amended by the First Incremental Amendment, dated as of September 29, 2023, as further amended by the Bausch + Lomb Second Incremental Amendment, the "Bausch + Lomb Credit Agreement"), by and among Bausch + Lomb, certain subsidiaries of Bausch + Lomb as subsidiary guarantors, the lenders party thereto and JPMorgan Chase Bank, N.A., in its capacity as second incremental term facility administrative agent, pursuant to which Bausch + Lomb borrowed $400,000,000 of new term loans (the "Bausch + Lomb Second Incremental Term Loans"). The Bausch + Lomb Second Incremental Term Loans incurred pursuant to the Bausch + Lomb Second Incremental Amendment will mature on May 10, 2027 and will amortize in quarterly installments (commencing with the fiscal quarter ending March 31, 2025) equal to (x) for the first eight installments, 0.625% of the original principal amount of the Bausch + Lomb Second Incremental Term Loans and (y) for each installment thereafter, 1.875% of the original principal amount of the Bausch + Lomb Second Incremental Term Loans, with the balance payable on the maturity date of the Bausch + Lomb Second Incremental Term Loans. The proceeds of the Bausch + Lomb Second Incremental Term Loans were used in part to repay revolving loans outstanding under the Bausch + Lomb Credit Agreement and the remainder will be used for general corporate purposes. The Bausch + Lomb Second Incremental Term Loans bear interest at a rate per annum equal to, at the borrower's option, either (a) a base rate determined by reference to the higher of (1) the rate of interest quoted by The Wall Street Journal as the "Prime Rate," (2) the f

03 Creation of a Direct Financial Obligation or an Obligation

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant The information included in Item 1.01 above is incorporated by reference into this Item 2.03.

01 Financial Statements

Item 9.01 Financial Statements and Exhibits (d) Exhibits Exhibit Number Description 10.1 Second Incremental Amendment by and among Bausch + Lomb Corporation, certain subsidiaries of Bausch + Lomb Corporation as subsidiary guarantors, the lenders party thereto and JPMorgan Chase Bank, N.A., effective as of November 1, 2024 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by Bausch + Lomb Corporation with the SEC on November 1, 2024). 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BAUSCH HEALTH COMPANIES INC. By: /s/ Jean-Jacques Charhon Name: Jean-Jacques Charhon Title: Executive Vice President, Chief Financial Officer Date: November 1, 2024

View Full Filing

View this 8-K filing on SEC EDGAR