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We are analyzing BHC’s new secured notes and their potential to trade in line with CYH’s 2032s, balancing the strength of BHC’s collateral package against risks such as the Xifaxan LOE, BHC’s business challenges, and the possibility of restructuring before 2028.

Bausch Health’s Market Activity: Bausch Health is entering the market with a $4 billion offering of senior secured notes due 2032, which will benefit from an enhanced collateral package including BHC assets and a portion of BLCO equity.

New Senior Secured Credit Facilities: BHC plans to establish new senior secured credit facilities, expected to include a 5-year senior secured RCF of at least $400 million and a $3.4 billion 5.5-year senior secured TLB facility.

Use of Proceeds: Proceeds, totaling $7.4 billion gross, will fund the repayment of certain 2025-27 senior note maturities and Intermediate Holdco notes due 2028, as well as repay and terminate the existing credit agreement.