LAVAL, Quebec, Nov. 7, 2018 /CNW/ -- 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.
Investor
Contact:
|
Media
Contact:
|
Arthur
Shannon
|
Lainie
Keller
|
arthur.shannon@bauschhealth.com
|
lainie.keller@bauschhealth.com
|
(514)
856-3855
|
(908)
927-0617
|
(877) 281-6642 (toll
free)
|
|
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SOURCE Bausch Health Companies Inc.