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Bausch & Lomb Receives Required Consents on Debt Issues

 
FOR RELEASE TUESDAY, MAY 30, 2006
ROCHESTER, N.Y. - Bausch & Lomb (NYSE: BOL) today announced that pursuant to its previously announced consent solicitations, holders of a majority of outstanding principal amount of all issues of the Company's debt and convertible debt have delivered consents to proposed amendments to the note indentures and the waiver of specified defaults.  Bausch & Lomb also indicated that approximately $116 million aggregate principal amount of the Company's senior notes have been tendered to date in its tender offers, which will expire on Friday, June 2, 2006.
 
On May 3, 2006, the Company announced its intention to commence cash tender offers and consent solicitations for three issues of outstanding debt securities (the "Securities") totaling approximately $384 million and consent solicitations with respect to two issues of outstanding convertible debt totaling approximately $160 million.  The consent solicitations (including those that were made as part of the tender offers) offered holders a fee in exchange for their consent to proposed amendments to the indenture for each issue of notes that would, among other things, extend to October 2, 2006, for purposes of the indentures, the Company's deadlines to file periodic reports with the Securities and Exchange Commission (the "SEC") and to deliver compliance certificates to the Trustee under each indenture.  The proposed waivers waive all defaults relating to the failure to properly comply with these obligations prior to the effectiveness of the proposed amendments and extending until October 2, 2006.  The consent deadline for all issues was originally established as May 17, 2006.  The Company subsequently extended to May 26, 2006, the consent deadline for its 7.125% debentures due 2028.

As of the respective consent deadlines, consents have been received and accepted in the percentages indicated for the following issues:

CUSIP No.

Outstanding Principal Amount

 

Title of Security

Percent Consents Delivered

071707AH6

$150,000,000

6.95% Notes due 2007

90%

071707AL7

$50,000,000

5.9% Notes due 2008

100%

071707AG8

$183,873,000

7.125% Debentures due 2028

89%

Each holder tendering Securities in the tender offer is required to consent to the proposed amendments and waiver, and those are included in the total percentage of consents delivered indicated above.  Tenders of Securities delivered as of the respective consent deadlines are now irrevocable.  Holders of Securities have until June 2, 2006 to decide whether to tender the Securities for purchase.  However, those holders that did not deliver their consents by the applicable consent deadline will not be entitled to receive the consent payment.
 

As of the consent deadline, holders of the following issues of convertible debt had delivered consents with respect to the proposed amendments to the note indentures and a waiver of the specified defaults in the percentages indicated:

CUSIP No

Outstanding Principal Amount

Title of Security

Percent Consents Delivered

071707AK9

$4,098,000

Floating Rate Convertible Senior Notes due 2023

100%

071707AM5

$155,902,000

Senior Convertible Securities due 2023

82%

In accordance with the terms of the bondholder waivers and consents, Bausch & Lomb intends to complete supplemental indentures with the trustee for each such issue of notes, debentures, senior convertible securities and convertible senior notes to effect the proposed amendments.

Bausch & Lomb is the eye health company, dedicated to perfecting vision and enhancing life for consumers around the world.  Its core businesses include soft and rigid gas permeable contact lenses and lens care products, and ophthalmic surgical and pharmaceutical products.  The Bausch & Lomb name is one of the best known and most respected healthcare brands in the world.  Founded in 1853, the Company is headquartered in Rochester, New York.  Bausch & Lomb's 2004 revenues were $2.2 billion; it employs approximately 12,400 people worldwide and its products are available in more than 100 countries.  More information about the Company can be found on the Bausch & Lomb Web site at www.bausch.com . Copyright Bausch & Lomb Incorporated.

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