By Paul A. Harris
Portland, Ore., May 24 – Bausch Health Cos., Inc. priced a $1.6 billion issue of seven-year senior secured notes (Ba2/BB) at par to yield 4 7/8% in a Monday drive-by, according to market sources.
The yield printed at the tight end of yield talk in the 5% area and tighter than initial guidance in the low-5% area.
The deal was heard to be playing to a healthy book filled with around $4.25 billion of orders, a trader said.
Goldman Sachs was the left bookrunner. Joint bookrunners were Barclays, Morgan Stanley, Citigroup, Deutsche Bank, DNB, JPMorgan and RBC.
The Laval, Quebec-based specialty pharmaceuticals company, formerly Valeant Pharmaceuticals International, Inc., plans to use the proceeds plus cash on hand to fund the tender/redemption of the Valeant 7% senior secured notes due 2024.
| Issuer: | Bausch Health Cos., Inc.
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| Amount: | $1.6 billion
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| Maturity: | June 1, 2028
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| Securities: | Senior secured notes
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| Left bookrunner: | Goldman Sachs
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| Joint bookrunners: | Barclays, Morgan Stanley, Citigroup, Deutsche Bank, DNB, JPMorgan and RBC
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| Co-managers: | HSBC and Truist
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| Coupon: | 4 7/8%
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| Price: | Par
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| Yield: | 4 7/8%
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| Spread: | 359 bps
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| First call: | June 1, 2024 at 102.438
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| Trade date: | May 24
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| Settlement date: | June 8
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| Ratings: | Moody's: Ba2
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| S&P: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5% area
|
| Marketing: | Drive-by
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