Inside Bausch Health’s Big Move: New Debt, Old Risks

Bausch’s $7.4 billion refinancing addresses near-term maturities and ends a five-year-long spinoff effort. However, the operational picture hasn’t changed; it still faces the loss of exclusivity of its crown jewel drug and EBITDA generator, Xifaxan, in 2028, along with a $4 billion maturity wall. This transaction extends the runway but doesn’t change the restructuring risks down the road. So, what do the next few years look like, and what options has this deal unlocked for the levered issuer?

What topics will be covered?

• The Intricacies of Legal and Structural Dynamics: Discover what the documents permit versus what’s probable.
• Legacy Bond Holders: Uncover the critical implications you need to know.
• Understanding Collateral Structure: A deep dive into its significance and impact.
• Navigating Financial Challenges: Explore the effects of Xifaxan’s exclusivity loss and the looming 2028 maturity wall on leverage, interest expenses, and capital structure.
• The Future of 2026 & 2027 Unsecured Bonds: What’s on the horizon?
• Exploring B+L Alternatives: With a significant portion of equity committed, learn about the potential strategic opportunities for the remaining 35.9%.