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    Bausch Health’s Large 2032 Debt Exchange Might Change The Case For Investing In Bausch Health (BHC)

    Simply Wall St·12/22/2025 11:11:05
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    • Bausch Health Companies Inc. has reported past results of its exchange offers, with Existing Senior Secured Notes tendered for up to US$1.60 billion in new 10.00% Senior Secured Notes due 2032 issued by subsidiary 1261229 B.C. Ltd.
    • The very large US$2.69 billion of notes submitted by the early tender time highlights strong creditor participation in reshaping Bausch Health’s debt profile.
    • We’ll now examine how this large-scale debt exchange, especially extending maturities to 2032, feeds into Bausch Health’s broader investment narrative.

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    Bausch Health Companies Investment Narrative Recap

    To own Bausch Health, you need to accept a highly leveraged turnaround story where debt management is just as important as drug pipelines. The recent US$1.60 billion exchange into 10.00% 2032 notes appears directionally aligned with its refinancing push, but does not fundamentally change that elevated leverage and interest costs remain the key short term catalyst and the biggest financial risk.

    The March 2025 pricing of US$4.4 billion of new 10.000% senior secured notes due 2032 is closely tied to this latest exchange offer, since both transactions extend maturities and reshape the capital structure. Together, these moves sit at the center of Bausch Health’s thesis that it can steadily reduce refinancing pressure while continuing to invest in its gastroenterology and broader specialty pharma portfolio.

    Yet beneath the progress on pushing out debt maturities, investors should be aware of the ongoing risk that interest payments are still not well covered by earnings and...

    Read the full narrative on Bausch Health Companies (it's free!)

    Bausch Health Companies' narrative projects $10.1 billion revenue and $264.4 million earnings by 2028. This requires a 0.9% yearly revenue decline and about a $166 million earnings increase from $98.0 million today.

    Uncover how Bausch Health Companies' forecasts yield a $7.29 fair value, a 6% upside to its current price.

    Exploring Other Perspectives

    BHC 1-Year Stock Price Chart
    BHC 1-Year Stock Price Chart

    Five members of the Simply Wall St Community value Bausch Health between US$7.29 and US$68.71 per share, underscoring how far apart individual views can be. Against that backdrop, the company’s continued reliance on heavy leverage and higher coupon refinancing invites you to weigh how different capital structure outcomes could shape future performance.

    Explore 5 other fair value estimates on Bausch Health Companies - why the stock might be worth over 9x more than the current price!

    Build Your Own Bausch Health Companies Narrative

    Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.