Bausch Health Launches Exchange Offer

Paul, Weiss is advising an ad hoc group of noteholders and lenders to Bausch Health Companies Inc. in connection with the company’s offer to exchange its outstanding 4.875% senior secured notes due 2028 and 11.00% senior secured notes due 2028 for up to $1.6 billion aggregate principal amount of new 10.00% senior secured notes due 2032 issued by 1261229 B.C. Ltd., Bausch’s indirect wholly-owned subsidiary. The exchange offer is scheduled to close in December.

The Paul, Weiss team is led by partners Alice Eaton, Lauren Bilzin and Timothy Cruickshank, and restructuring associates Mitchell Mengden and Samantha Wintner; tax partner Brian Krause, counsel Samir Kurani and associate Reizl Halikman; and corporate counsel Lyudmila Bondarenko.