Commentary & Deal Flow

Bausch + Lomb Corp (BLCO, BLCOCN) EUR600m 144A sr sec FRN due Jan 2031 (5.5y). NC1, then par. Equity claw: 1y 40%. B1/B/BB (stable/developing/Rating Watch Evolving). Via JPM (B&D)/Barc/Citi/GS/HWSBC/WFS jt books, DB, DNB, RBC, TSI as co-managers. No reg rights. List ISE. NY law. CoC at 101. IPT: E+425-450bp at 99.00 OID. Did investor call at 4pm UKT 06/11. Pricing 06/17 afternoon alongside US$ TLB. UOP: along with $2.2bn term loan B via JPM (lender call 1:30pm 06/12, commitments due 12pm (from 5pm) 06/17), and a $160m draw on its new $800m (up from $500m) revolver, to repay its existing $160m revolver draw, refinance in full its $2.431bn term loan B due May 2027, and $398m term loan A due May 2027, GCP. Biz: producer and marketer of eye care and sight products. HQ: Vaughan, ON.

Netroadshow direct link: https://www.netroadshow.com/nrs/home/#!/?show=14f09406. Entry code: BLCO2025