Bausch + Lomb Unit Launches Offering Of $1.4 Bln Of New Senior Secured Notes

(RTTNews) - Bausch + Lomb Corporation (BLCO), an eye healthcare company, said on Monday that its unit, Bausch + Lomb Escrow Corporation, has launched an offering of $1.4 billion aggregate principal amount of new senior secured notes due 2028.

In addition, the unit is seeking to enter into an incremental term loan facility to fund its pending acquisition of lifitegrast ophthalmic solution or XIIDRA 5 percent.

XIIDRA is a non-steroid eye drop specifically approved to treat the signs and symptoms of dry eye disease focusing on inflammation associated with dry eye, and certain other ophthalmology assets.

The definitive documentation for the incremental term loan facility may be in the form of either an incremental amendment to the company's existing credit agreement or a separate credit deal.

Bausch + Lomb expects to borrow $500 million of new term B loans under the term loan facility.

The net proceeds from the offering of the notes, along with the expected proceeds from the new term B loan, are expected to be used to fund the acquisition of XIIDRA 5 percent and for general corporate purposes, including the repayment of debt.