Bausch Health announced it will reduce debt by $100 million through the redemption of outstanding senior secured notes, using cash generated from operations.
“As Bausch Health continues its recovery from the effects of the COVID-19 pandemic, we also remain focused on repaying our debt by generating cash through strong business execution and efficient management of our operations,” Joseph C. Papa, chairman and CEO, Bausch Health, said in a company news release. “This redemption will help reduce our leverage and bring us a step closer to expediting a path forward that unlocks shareholder value, including the spinoff of Bausch + Lomb.”
Bausch Health will redeem $100 million aggregate principal amount of its outstanding 7.00% Senior Secured Notes due 2024, CUSIP Nos. 91911K AK8, C94143 AK7 on March 24, 2021. The company will issue today an irrevocable notice of redemption for the Notes and a copy will be issued to the record holders of such Notes.