08:21 AM EST, 11/24/2025 (MT Newswires) -- Bausch Health ( BHC ) said Monday it began an offer to swap its 2028 senior secured notes into up to $1.6 billion of new 10% senior secured notes due 2032 issued by an indirect unit.

The offer covers its 4.875% and 11% senior secured notes due 2028, with the new notes to form a single series with $4.4 billion of existing 10% notes due 2032 under the same indenture, Bausch Health ( BHC ) said.

Holders of the 11% notes can receive up to $1,020 of new notes for each $1,000 tendered, while 4.875% noteholders can get up to $887.50, including early exchange premiums, Bausch said.

The exchange is scheduled to run until Dec. 23 unless extended and is intended to help manage the company's intermediate-term debt maturities under its current debt agreements, the company said.