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Bausch Health Bonds Drop More Despite Management Assurances (1)

May 20, 2022, 5:26 PM

Bausch Health Cos. debt continued to tumble this week, with creditors fretting that cash will dry up as drug patents expire, asset sales fall short and prospects for a costly legal defeat mount.

Bonds coming due after 2028, when most of Bausch’s patent protections start to roll off, dropped as low as 53 cents on the dollar while shorter-dated notes fell as much as 20 points this month, according to Bloomberg data.

The concerns became so acute after a disastrous earnings report on May 10 that the company held a conference call the next day with bondholders to reassure ...