Bausch + Lomb starts roadshow for $1.4 billion five-year secured notes; initial talk high-8% area

By Paul A. Harris

Portland, Ore., Sept. 11 – Bausch + Lomb Corp. started a roadshow on Monday for a $1.4 billion offering of Baush + Lomb Escrow Corp. senior secured notes due 2028, according to market sources.

The Rule 144A and Regulation S deal is in the market with initial guidance in the high-8% area and is expected to run a full roadshow lasting through the present week, a trader said.

The notes come with two years of call protection.

JPMorgan is leading the notes sale.

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.

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