Bausch Health Companies Inc. issued a conditional redemption notice for $1.24 billion of its outstanding 5.875% senior notes due 2023.

The company will redeem the notes only if it generates gross proceeds of at least $2.50 billion from its offering of $1.25 billion each of its 5.000% notes due 2028 and 5.250% notes due 2030.

The offering is expected to close Dec. 30.

In addition to redeeming its 5.875% notes, Bausch intends to use the gross proceeds from the offering 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.