Company: BLCO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001860742-25-000004
Chunk: 376

Company: Bausch & Lomb Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 1A
Chunk 376
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 2023Product rebates$465 $191 Employee compensation and benefit costs230 233 Product returns88 66 Discounts and allowances64 84 Professional fees59 53 Other403 400 $1,309 $1,027 10.FINANCING ARRANGEMENTSPrincipal amounts of debt obligations and principal amounts of debt obligations net of issuance costs consist of the following:December 31, 2024December 31, 2023(in millions)MaturityPrincipal AmountNet of Issuance CostsPrincipal AmountNet of Issuance CostsSenior Secured Credit FacilitiesRevolving Credit FacilityMay 2027$110 $110 $275 $275 May 2027 Term FacilityMay 20272,437 2,410 2,462 2,423 May 2027 Incremental Term FacilityMay 2027400 396 — — September 2028 Term FacilitySeptember 2028494 486 499 487 Senior Secured Notes8.375% Secured NotesOctober 20281,400 1,382 1,400 1,377 Total long-term debt$4,841 4,784 $4,636 4,562 Less: Current portion of long-term debt40 30 Non-current portion of long-term debt$4,744 $4,532 Senior Secured Credit FacilitiesOn May 10, 2022, Bausch + Lomb entered into a credit agreement (the “Original Credit Agreement”). Prior to the September 2023 Credit Facility Amendment (as defined below), the Original Credit Agreement provided for a term loan of $2,500 million with a five-year term to maturity (the “May 2027 Term Facility”) and a five-year revolving credit facility of $500 million (the “Revolving Credit Facility”).On September 29, 2023, Bausch + Lomb entered into an incremental term loan facility secured on a pari passu basis with the Company’s existing May 2027 Term Facility. This incremental term loan facility was entered into in the form of an incremental amendment (the "September 2023 Credit Facility Amendment") to the Original Credit Agreement (the Original Credit Agreement, as amended by the September 2023 Credit Facility Amendment, the “Initial Amended Credit Agreement”) and consisted of borrowings of $500 million in new term B loans with a five-year term to maturity (the "