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Bausch & Lomb announces sale of $650 million in notes
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ROCHESTER, N.Y. — In connection with the merger agreement between WP Prism, Bausch & Lomb and WP Prism Merger Sub regarding Bausch & Lomb's acquisition, Merger Sub will sell $650 million in 9.875% notes due 2015, Bausch & Lomb announced in a press release.
Merger Sub was formed by investment funds associated with Warburg Pincus LLC for the merger with Bausch & Lomb. As a result of the merger, investment funds associated with or designated by Warburg Pincus and certain co-investors will own Bausch & Lomb, although Bausch & Lomb will continue as the surviving corporation, according to the release.
Merger Sub will use the net proceeds from the sale of the notes as well as proceeds expected from a new $1.2 billion senior secured U.S. term loan facility and a new Euro-denominated term loan facility, equity financing and cash on hand of Bausch & Lomb to consummate the merger.
Sale of the notes and the merger are expected to close around Oct. 26, subject to the satisfaction or waiver of closing conditions, the release said.