Company: BLCO
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001860742-25-000008
Chunk: 109

Company: Bausch & Lomb Corp
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 2
Chunk 109
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 the November 2024 Credit Facility Amendment, the “Amended Credit Agreement”) and consisted of borrowing $400 million of new term loans with a maturity of May 2027 (the “May 2027 Incremental Term Facility” and, together with the September 2028 Term Facility and May 2027 Term Facility, the “Term Facilities”; the Term Facilities, together with the Revolving Credit Facility, the “Senior Secured Credit Facilities”). As of March 31, 2025, the principal amount outstanding under the Incremental Term Facility was $398 million and the stated rate of interest under the May 2027 Incremental Term Facility was 7.67% per annum. The remaining mandatory quarterly amortization payments for the May 2027 Incremental Term Facility were $18 million through December 2026, with an additional amortization payment of $7.5 million due in March 2027 and the remaining term loan balance being due in May 2027.On September 29, 2023, Bausch + Lomb issued $1,400 million aggregate principal amount of 8.375% Senior Secured Notes due October 2028 (the “October 2028 Secured Notes”).Weighted Average Stated Rate of InterestThe weighted average stated rate of interest for the Company’s outstanding debt obligations as of March 31, 2025 and December 31, 2024 was 7.92% and 7.95%, respectively.Recent Financing ActivitiesAs of April 30, 2025, the Company had $230 million of outstanding borrowings, $36 million of issued and outstanding letters of credit and remaining availability of $234 million under its Revolving Credit Facility.Credit RatingsAs of the date of this filing, April 30, 2025, the credit ratings and outlook from Moody’s, S&P and Fitch for certain outstanding obligations of Bausch + Lomb were as follows:Rating AgencyCorporate RatingSenior Secured RatingOutlookMoody’sB1B1StableStandard & Poor’sBBDevelopingFitchBBBRating Watch EvolvingOn March 19, 2025, Standard & Poor’s upgraded its ratings assigned to Bausch + Lomb’s Corporate Rating from “B-” to “B”, its Senior Secured Rating from “B-” to “B” and changed its outlook from “Positive” to “Developing.” On March 20, 2025, Moody’s initiated a rating