...January 27, 2022 TORONTO (S&P Global Ratings) Jan. 27, 2022--S&P Global Ratings today assigned its '##' issue-level rating and '1' recovery rating to Bausch Health Cos. Inc.'s proposed $1 billion senior secured notes. The '1' recovery rating indicates our expectation for very high (90%-100%; rounded estimate: 95%) recovery in the event of a payment default. The company plans to use the proceeds from this offering, along with the proceeds from its previous revolver and term loan offerings and the proceeds from the Bausch + Lomb IPO and related debt financing (which we expect to close in early February), to fully redeem its outstanding 6.125% senior notes due 2025, fully refinance its existing term loan B facilities, partially redeem its outstanding 9.000% senior notes due 2025, and pay related fees, premiums, and expenses. We expect the proposed transaction to increase the proportion of secured debt in Bausch's capital structure. Therefore, this has reduced our recovery estimates for the...
