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Bausch & Lomb to launch $3.485 billion credit facility on Thursday
By Sara Rosenberg
New York, April 16 - Bausch & Lomb is scheduled to hold a bank meeting at 10 a.m. ET on Thursday in New York to launch a proposed $3.485 billion credit facility, according to a market source.
Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. and Bank of America Merrill Lynch are the bookrunners on the deal.
The facility consists of a $500 million revolver, a $2.035 billion covenant-light term loan B, a $600 million covenant-light euro term loan B and a $350 million covenant-light delayed-draw term loan, the source said.
Proceeds will be used to refinance existing debt and fund the acquisition of ISTA Pharmaceuticals Inc. for $9.10 per share in cash, or a total of about $500 million.
Closing on the acquisition is expected in the second quarter, subject to regulatory approval and other customary conditions, including the approval of ISTA's shareholders.
Bausch & Lomb is a Rochester, N.Y.-based eye health company. ISTA is an Irvine, Calif.-based branded prescription eye care business.
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