Bausch + Lomb in Financing Transaction

May 20, 2013

Cleary Gottlieb represented Bausch + Lomb in the repricing of its existing senior secured credit facilities. The repriced senior secured credit facilities, which closed on May 20, 2013, include a $1.92 billion U.S. term loan facility, a €457 million euro-denominated term loan facility borrowed by a Dutch subsidiary, a $399 million delayed draw term loan facility and $467 million in revolving credit commitments that include borrowing capacity for letters of credit and swingline loans.

The repricing became effective by means of an amendment and restatement of the credit agreement governing the senior secured credit facilities. Pursuant to the amended and restated credit agreement, Bausch + Lomb borrowed new term loans with lower interest rates and amended the terms of the existing revolving commitments. The proceeds of the new term loans were used to finance the repayment in full of all term loans outstanding under Bausch + Lomb’s existing credit agreement.

Bausch + Lomb was founded in 1853 and is one of the best-known and most respected healthcare companies in the world, with products available in more than 100 countries.