Bausch + Lomb in Financing Transaction

May 18, 2012

Cleary Gottlieb represented Bausch + Lomb in the refinancing and upsizing of its existing senior secured credit facilities. The new senior secured credit facilities, which closed on May 18, include a $1.935 billion U.S. term loan facility, a €460 million euro-denominated term loan facility borrowed by a Dutch subsidiary, a $400 million delayed draw term commitment and $500 million in revolving credit commitments that include borrowing capacity available for letters of credit and swingline loans.

The proceeds of the new senior secured credit facilities were used in part to finance the repayment in full of all amounts outstanding under Bausch + Lomb’s existing credit facilities and to increase cash on the Company's balance sheet for future acquisitions and investments, including the previously announced proposed acquisition of Ista Pharmaceuticals, which is expected to close in the second quarter of 2012.

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.