Bausch Health Companies Inc. 8-K

What Happened Bausch Health Companies Inc. announced the final results and expiration (as of 5:00 p.m. New York City time on December 23, 2025) of its previously announced exchange offers. The offers allowed holders to exchange outstanding 4.875% Senior Secured Notes due 2028 and 11.00% Senior Secured Notes due 2028 for up to $1.6 billion aggregate principal amount of new 10.00% Senior Secured Notes due 2032. The new notes are to be issued by the company’s indirect wholly‑owned subsidiary, 1261229 B.C. Ltd., pursuant to the terms in a confidential exchange offer memorandum dated November 24, 2025. A press release with the final results was attached to the company’s Form 8‑K (Exhibit 99.1).

Key Details

• Exchange offers expired at 5:00 p.m. (NYC time) on December 23, 2025.
• Targeted securities: existing 4.875% and 11.00% Senior Secured Notes, both maturing in 2028.
• New securities: up to $1.6 billion aggregate principal of 10.00% Senior Secured Notes due 2032, issued by 1261229 B.C. Ltd.
• Terms of the offers were described in a confidential exchange offer memorandum dated November 24, 2025; final results were disclosed via press release (Exhibit 99.1).

Why It Matters This transaction, as disclosed, would replace certain near‑term 2028 maturities with longer‑dated 2032 secured notes, potentially extending debt maturities and changing interest obligations. For investors, that can affect the company’s upcoming refinancing needs, interest expense profile (the new notes bear 10.00% interest), and secured‑debt structure. The Form 8‑K confirms the offers closed and points investors to the company’s press release for the detailed outcome.