As JP Morgan made a grand reveal of its Bausch Health  refinancing and the initial details of the security package and covenants have been digested, market participants have honed in on what incremental first lien debt capacity would remain upon completing the deal. Even the eye-popping $7.8bn doesn’t push out all meaningful maturities past 2028 — namely the 11% SSNs due 2028. Those have call protection that would need to be negotiated down, were the company to try addressing them early — among other maturities.