Bausch Health Companies Inc. and KKR have announced that Bausch Receivables Funding LP, an Ontario limited partnership and wholly-owned subsidiary of Bausch Health, has entered into a US $600m non-recourse financing facility with KKR and its credit funds and accounts.
The facility will be collateralized by certain accounts receivables originated by a wholly-owned subsidiary of Bausch Health.
FS KKR Capital Corp., KKR FS Income Trust, Cliffwater Corporate Lending Fund, and KKR Corporate Lending LLC are the initial lenders.
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GLAS USA LLC and GLAS Americas LLC acted Administrative and Collateral agents respectively. KKR Capital Markets LLC acted as left led arranger while KKR Credit Advisors (US) LLC acting as structuring advisor.
Houlihan Lokey, Inc. acted as Bausch Health’s financial advisor. Finacity Corporation acted as the administrator for the program.
Bausch Health expects to utilize the proceeds from the facility for general corporate purposes. The facility provides access to additional liquidity for a term of approximately five years.
Source: Private Capital Journal
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