Commentary & Deal Flow

Bausch + Lomb Netherlands BV (Dutch Co-Issuer) and Bausch + Lomb Inc (US Co-Issuer) (BLCO, BLCOCN) EUR675m (up from EUR600m) 144A sr sec FRN due 01/15/31 (5.5y). NC1 (06/30/26) (MWC B+50bp), then at 100. Equity claw: 1y 40% at 103.875. B1/B/BB (stable/developing/Rating Watch Evolving). Via JPM (B&D)/Barc/Citi/GS/HSBC/WFS jt books, DB, DNB, RBC, TSI as co-managers. No reg rights. List ISE. NY law. CoC at 101. Pays Jan 15, Apr 15, July 15, Oct 15, starting 01/15/26. Settles 06/26. Reg S ISIN: XS3102032201; 144A ISIN: XS3102032110. IPT: E+425-450bp at 99.00 OID. Price talk 3mE+425bp area (+/- 12.5bp) at 99.50. EUR75m upsize and US$125m upsize to repay EUR160m revolver draw in full. Revised price talk: E+400bp area (+/- 12.5bp), 0% floor at 99.50 OID.

Priced: 3mE+387.5bp, 0% floor at 99.50. 

Did investor call at 4pm UKT 06/11. Books close at 12pm UKT 06/18. UOP: along with $2.325bn (up from $2.2bn) term loan B via JPM (lender call 1:30pm 06/12, commitments due 12pm (from 5pm) 06/17) (originally with 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