Bausch Health (BHC) said Wednesday it launched the syndication of at least $3.8 billion in new senior secured credit facilities through its subsidiary.

The facilities are expected to include a five-year, $400 million revolving credit facility and a 5.5-year, $3.4 billion term loan B facility, the company said.

Proceeds will be used to repay and terminate Bausch's existing credit agreement, redeem multiple series of notes, and for general corporate purposes, according to the company.

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