Bausch + Lomb closes $2,802,125,000 term loan refinancing

Bausch + Lomb Corporation (NYSE and TSX: BLCO) closed a refinancing of its term B loans on January 2, 2026. It signed a fourth amendment to its credit agreement that creates the new tranche, called Replacement Term Loans, and used the proceeds to refinance all of its term B loans due 2031 and its term B loans due 2028. The company reported the deal in a Form 8-K filed January 2, 2026 under Items 1.01 and 2.03, and issued a press release the same day.

Terms of the new loans

The Replacement Term Loans amortize at 1.00% a year, with the first installment due June 30, 2026. They mature on January 15, 2031. The margin is 3.75% a year over term SOFR and 2.75% a year over the alternate base rate. The company says that is a 0.50% reduction from the margin on the 2031 loans and a 0.25% reduction from the margin on the 2028 loans.

The 2031 maturity matches the date that already applied to the 2031 loans. For the 2028 loans, the filing calls the new date an effective maturity extension from September 29, 2028.

Lenders and conversions

The fourth amendment changes a credit and guaranty agreement dated May 10, 2022, which earlier amendments changed on September 29, 2023, November 1, 2024 and June 26, 2025. The parties are the company, certain subsidiary guarantors, the lenders and JPMorgan Chase Bank, N.A., which serves as administrative agent, collateral agent, swingline lender and an issuing bank. The 8-K names no placement agent or underwriter. The amendment's closing conditions call for legal opinions to the lenders from Davis Polk & Wardwell LLP as special New York counsel to the borrower and loan parties, Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel, Osler, Hoskin & Harcourt LLP as special Canada counsel, DayOne Legal + Tax as Dutch counsel and Arthur Cox LLP as special Ireland counsel.

The amendment, filed as Exhibit 10.1 and dated January 2, 2026, lets existing lenders convert their old loans into the new tranche without new cash. A lender that signs a consent is deemed to convert its loans in the same principal amount, or in a lesser amount that JPMorgan Chase Bank, N.A. determines. Other lenders listed on Schedule I make new loans in the amounts shown there. Those new loans repay in full any old loans that were not converted, and the company pays accrued interest on the old loans in cash.

The 8-K and release therefore do not say how much of the $2,802,125,000 came from conversions and how much came from new cash. The amendment points to a Schedule I for the new-loan amounts, and the fresh money the company received is not stated.

What the company says

The press release, headed "Bausch + Lomb Completes Refinancing of Outstanding Term B Loans," restates the amounts, rates and maturity. It describes the company as "a leading global eye health company." It says nothing about results, leverage, interest expense or cash, and its forward-looking statement refers readers to the company's annual report and quarterly filings for risks.

Sam Eldessouky, executive vice president and chief financial officer, signed the 8-K on January 2, 2026. The press release names George Gadkowski as investor contact and Chris Clark as media contact.

What the deal does and does not change

For the company, the amendment pushes the 2028 loans out to January 2031, lowers the margin on both tranches and sets 1.00% annual amortization. The margin cuts are modest, at 0.25% and 0.50%.

The 8-K and release do not give the company's leverage, interest cost or cash balance, so they do not show whether the company can comfortably carry the new loan.

The 8-K says its summary is qualified in its entirety by Exhibit 10.1, which sets out the conversion mechanics.

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