Bausch Health Companies announced that, in connection with its previously announced intention to separate its eye health business, its wholly owned subsidiary, Bausch + Lomb Corporation, is seeking to enter into a new credit agreement, which is expected to include a $2.5 billion term B loan facility and $500 million revolving facility.

The Term Loan Facility is expected to mature in 2027. The Revolving Credit Facility is expected to mature in 2027 and to be undrawn at closing of the proposed initial public offering ("IPO") of Bausch + Lomb. The Credit Facilities are expected to be secured by substantially all of the assets of Bausch + Lomb and its material, wholly-owned Canadian, U.S., Dutch and Irish subsidiaries, subject to certain exceptions.

Upon completion of the Bausch + Lomb IPO, the proceeds from the Term Loan Facility are expected to be used to fund the repayment of an intercompany note issued to Bausch Health in connection with the Separation.

The foregoing transactions are subject to market and other conditions and are anticipated to close in the second quarter of 2022. However, there can be no assurance that Bausch + Lomb will be able to successfully complete the transactions on the terms described above or at all.