Bausch Health Begins $7.4 Billion Debt Sale for Refinancing (1)

A group of banks led by JPMorgan Chase & Co. kicked off a $7.4 billion bond and loan offering Wednesday for Bausch Health Cos. as the pharmaceutical company seeks to refinance debt.

The deal includes $4 billion in bonds maturing in 2032 secured by its equity in Bausch & Lomb Inc. and a $3.4 billion 5.5-year term loan, Bausch Health said in a statement. It is also seeking at least $400 million through a revolving credit facility.

Initial price talk for the bond is a yield in the high-10% area, according to a person familiar with the matter who ...