By Paul A. Harris
Portland, Ore., Sept. 14 – Bausch + Lomb Corp. priced a $1.4 billion issue of Bausch + Lomb Escrow Corp. five-year senior secured notes (B1/B-/BB) at par to yield 8 3/8% on Thursday, according to market sources.
The yield printed at the tight end of yield talk in the 8˝% area. Initial guidance was in the high-8% area.
The deal ended up playing to $3.5 billion of demand across 115 accounts, a sellside source said.
The Vaughan, Ont.-based producer of eye care and ophthalmological products and instruments plans to use the proceeds plus a $500 million term loan to finance its acquisition of Xiidra (lifitegrast ophthalmic solution) 5%, and certain other ophthalmological assets, and for general corporate purposes, which may include debt repayment.
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.
| Issuer: | Bausch + Lomb Escrow Corp.
|
| Amount: | $1.4 billion
|
| Issue: | Senior secured notes
|
| Maturity: | Oct. 1, 2028
|
| Lead: | JPMorgan
|
| Coupon: | 8 3/8%
|
| Price: | Par
|
| Yield: | 8 3/8%
|
| Spread: | 398 bps
|
| First call: | Oct. 1, 2025 at 104.188
|
| Trade date: | Sept. 14
|
| Settlement date: | Sept. 29
|
| Ratings: | Moody’s: B1
|
| S&P: B-
|
| Fitch: BB
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 8˝% area
|
| Marketing: | Roadshow
|
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