CreditSights: Inside Bausch Health’s Big Move: New Debt, Old Risks

Bausch’s $7.4 billion refinancing addresses near-term maturities and ends a five-year-long spinoff effort. However, the operational picture hasn’t changed; it still faces the loss of exclusivity of its crown jewel drug and EBITDA generator, Xifaxan, in 2028, along with a $4 billion maturity wall. This transaction extends the runway but doesn’t change the restructuring risks down the road. So, what do the next few years look like, and what options has this deal unlocked for the levered issuer?