Bausch Health Announces Early Exchange Offer Results for Exchange Offers

LAVAL, QC / ACCESS Newswire / December 8, 2025 / Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC) (the "Company") announced today the results to date of its previously announced offers to exchange the Company's outstanding 4.875% Senior Secured Notes due 2028 (the "4.875% Notes") and 11.00% Senior Secured Notes due 2028 (the "11.00% Notes" and together with the 4.875% Notes, the "Existing Senior Secured Notes") for up to $1.6 billion aggregate principal amount (the "Maximum Notes Amount") of new 10.00% Senior Secured Notes due 2032 (the "New Notes" and, such offers, the "Offers") to be issued by the Company's indirect wholly-owned subsidiary 1261229 B.C. Ltd. (together with the Company, the "Offerors"), in each case, pursuant to the terms described in a confidential exchange offer memorandum dated November 24, 2025 (the "Exchange Offer Memorandum"). All terms and conditions of the Offers remain unchanged as set forth in the Exchange Offer Memorandum.

As reported by D.F. King & Co., Inc., the exchange agent and information agent for the Offers, as of 5:00 p.m., New York City time, on December 8, 2025 (the "Early Tender Time"), an aggregate principal amount of $2,690,016,000 of Existing Senior Secured Notes had been validly tendered (and not validly withdrawn) in the Offers, as set forth in the table below.

Series of Existing Senior Secured Notes	CUSIP Number(1) (Rule 144A/Reg S)	Principal Amount Outstanding	Principal Amount Tendered
BHC 11.00% Senior Secured Notes due 2028	071734AQ0 / C07885AL7	$1,774,067,000	$1,519,477,000
BHC 4.875% Senior Secured Notes due 2028	071734AN7 / C07885AJ2	$1,600,000,000	$1,170,539,000

(1) No representation is made as to the correctness or accuracy of the CUSIP numbers listed in this press release or printed on the Existing Senior Secured Notes. They are provided solely for convenience.