Bausch & Lomb Completes Senior Notes Offering.

Business Editors

ROCHESTER, N.Y.--(BUSINESS WIRE)--Nov. 18, 2002

Bausch & Lomb (NYSE:BOL) today announced it has completed a public offering of $150 million five-year senior notes with a coupon rate of 6.95 percent.

The company's effective cost of the offering is approximately 8.65 percent, which includes the cost of the treasury rate hedge instrument entered into in May 2002. The notes were rated BBB- by Standard & Poor's Rating Services and Ba1 by Moody's Investors Service. The offering represents the first offering under the company's $500 million Shelf Registration filed with the Securities and Exchange Commission in June 2002.

Bausch & Lomb plans to use the proceeds of the new debt offering for general corporate purposes, including the refinancing of existing debt obligations.

Bausch & Lomb Incorporated is the preeminent global technology-based healthcare company for the eye, dedicated to helping consumers see, look and feel better through innovative technology and design. Its core businesses include soft and rigid gas permeable contact lenses, lens care products, ophthalmic surgical and pharmaceutical products. The Company is advantaged with some of the most respected brands in the world starting with its name, Bausch & Lomb(R), and including SofLens(TM), PureVision(TM), Boston(R), ReNu(R), Storz(R) and Technolas(TM). Founded in 1853 in Rochester, N.Y., where it continues to have its headquarters, the Company has annual revenues of approximately $1.7 billion and employs approximately 12,000 people in more than 50 countries. Bausch & Lomb products are available in more than 100 countries around the world. More information about the Company can be found on Bausch & Lomb's Worldwide Web site at www.bausch.com. Copyright Bausch & Lomb.