Bausch Health Sells $7.4 Billion of Debt in Refinancing Effort

Bausch Health Cos., the pharmaceutical and medical device company, shifted the mix of its $7.4 billion debt offering to put even more into bonds than loans, after being inundated with orders from supply-starved investors.

Bausch sold $4.4 billion worth of junk bonds, up $400 million from its initial pitch, according to a person familiar with the matter. The bonds priced at par to yield 10%, the lower end of price talk. Likewise, its term-loan offering has been reduced by the same amount to $3 billion, according to a second person familiar with the matter. The term loan priced ...