Bausch Health Cos. Inc. priced and upsized its offering of senior notes due 2028 and 2030 to a combined total value of $2.50 billion.

The company is offering $1.25 billion of each of its 5.000% notes due 2028 and 5.250% notes due 2030.

Bausch was previously offering a total of $1.25 billion of the senior notes due 2028 and 2030.

The notes will be guaranteed by each of the company's units that are guarantors under its credit agreement and existing senior notes.

Bausch will use the funds raised from the offering to redeem $1.24 billion of its outstanding 5.875% senior notes due 2023 and to pay the amounts it owes for the $1.21 billion settlement of a class-action lawsuit, which claimed that the company failed to warn investors amid a drastic drop in share price beginning in 2015.

Laval, Quebec-based Bausch develops and commercializes eye, skin and digestive system treatments.