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Bausch Health: Initial Impressions on the Strategic Alternatives Update
Anthony P. Canale, J.D.. - Global Head of Research, Covenant Review
EXECUTIVE SUMMARY
On February 6, Bausch Health Companies, Inc. (the 鈥淐ompany鈥� or 鈥淏HC鈥�) issued a press release updating the market on strategic alternatives (the 鈥淪trategic Update鈥�). In this Strategic Update, the Company disclosed that the sale process it had engaged in regarding a potential sale of Bausch + Lomb Corporation (鈥淏+L鈥�) did not lead to an offer that reflected 叠+尝鈥檚 long–term value, and the BHC and B+L boards determined not to move forward with a sale at this time. The Company also disclosed that it will continue its efforts to work on various liability management alternatives, including raising new debt financing.
In this report, we provide our initial impressions on the Strategic Update and how the provisions of the various Bausch Health bonds could be implicated.
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