Benzinga | Dec 29, 2020 07:05AM EST

Bausch Health To Pay Down Additional $275M Of Senior Secured Term Loans Using Cash On Hand And Cash from Operations

No Debt Maturities or Mandatory Amortization Payments Will Be Due Until 2024

Bausch Health Will Repay Approximately $900 Million of Debt in 2020

LAVAL, QC, Dec. 29, 2020 /PRNewswire/ -- Bausch Health Companies Inc. (TSX:BHC) ("Bausch Health" or the "Company") today announced that on Dec. 31, 2020 it will pay down an additional $275 million of its senior secured term loans using cash on hand and cash generated from operations. Following this repayment, the Company will have no debt maturities or mandatory amortization payments until 2024.

Bausch Health's total debt repayment in the fourth quarter of 2020 will be approximately $480 million. For the full year of 2020, the Company will repay a total of approximately $900 million of debt from cash on hand and cash generated from operations.

"Our businesses around the world continue to recover from the impacts of the COVID-19 pandemic, and that contributed to strong cash flow in the fourth quarter. With the repayment we are announcing today, Bausch Health's total debt repayments for the full year of 2020 will be approximately $900 million," said Joseph C. Papa, chairman and CEO, Bausch Health. "Our commercial teams showed remarkable resiliency through these challenging times, reducing expenses and conserving cash, but still finding ways to drive Bausch Health's recovery. Those efforts enabled us to continue to make progress reducing our debt in 2020."