Bausch Health Companies Inc. said it is offering $1.25 billion of its 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 for general corporate purposes 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.