On May 26, 2020, Bausch Health Companies Inc. (the "Company") reported that completed its previously announced offering of $1,500,000,000 aggregate principal amount of its 6.250% Senior Notes due 2029 (the "Notes") (Filing, 8-K, Bausch Health, MAY 26, 2020, View Source [SID1234558471]).

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The Notes were offered in the United States and sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States to non-U.S. persons pursuant to Regulation S under the Securities Act. The Notes have not been and will not be registered under the Securities Act or any state securities law and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

The proceeds of the Notes offering, along with cash on hand, will be used to (i) fund the Company’s previously announced redemption of its existing 6.500% Senior Secured Notes due 2022, (ii) fund the prepayment of the mandatory amortization for 2022 under the Company’s existing term loans and (iii) pay related fees, premiums and expenses.