BAUSCH PLANS IPO OF SOLTA MEDICAL ESTHETICS UNIT

Bausch Health Cos. said it is planning an initial public offering of its Solta Medical esthetics unit, part of an effort to pay down debt. The stock sale is expected to take place late this year or early in 2022, the company said in a statement on Tuesday. Bausch said Solta will be based in Canada and is intended to be listed on the Nasdaq stock exchange. Bausch is trying to reduce a Us$23.7-billion debt burden, much of it the legacy of a wave of mergers and acquisitions the company did when it was known as Valeant Pharmaceuticals International. Bausch said that it would cut its debt by US$350 million through the redemption of senior notes, using cash on hand and cash generated from operations. The company didn’t provide financial details of the Solta offering.