Bausch & Lomb Prices Senior Notes and Convertible Senior Notes Offerings.

Business Editors

ROCHESTER, N.Y.--(BUSINESS WIRE)--July 29, 2003

Bausch & Lomb (NYSE:BOL) today priced its previously announced offerings of senior notes and convertible senior notes.

The first was a $50 million public offering of five-year fixed rate senior notes with a coupon rate of 5.90 percent. The Company simultaneously executed an interest rate swap agreement converting the notes to floating rate. The initial effective cost of the notes, which includes both the impact of this interest rate swap and a Treasury rate hedge instrument entered into in connection with the offering, is 5.39 percent. The notes were issued under the Company's Shelf Registration filed with the Securities and Exchange Commission in June 2002.

The second offering was a $140 million Rule 144A placement of floating rate convertible senior notes due in 2023. The notes will accrue interest at six-month LIBOR plus 50 basis points and the rate will be reset on a semiannual basis. The initial interest rate is approximately 1.64 percent. The notes will be convertible, under certain conditions, into shares of Bausch & Lomb common stock at an initial conversion price of $61.44 per share, which represents a 50 percent premium over the closing price of Bausch & Lomb common shares on July 29, 2003. The Company also has granted the initial purchasers an option to purchase up to $20 million of additional convertible notes. The convertible notes are being offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States pursuant to Regulation S under the Securities Act.

Both the senior notes and convertible senior notes have been rated BBB- by Standard & Poor's Rating Services and Ba1 by Moody's Investors Service.

The Company intends to use the proceeds of the offerings primarily to refinance existing debt obligations, as well as for the repurchase of one million shares of its common stock.

Bausch & Lomb Senior Vice President and Chief Financial Officer Stephen C. McCluski said, "These successful offerings further demonstrate our strong liquidity position and financial health and have allowed us to satisfy our refinancing needs through 2004. As a result, we do not anticipate any additional financings either this year or next." The financial impact of the two offerings was anticipated in the Company's previously announced guidance of $2.20 earnings per share for 2003.

The convertible notes and the shares of Bausch & Lomb common stock issuable upon conversion have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.

This news release does not constitute an offer to sell, or the solicitation of an offer to buy, these securities, nor shall there be any sale of the securities in a jurisdiction in which such offering would be unlawful.

This news release contains, among other things, certain statements of a forward-looking nature relating to future events or the future business performance of Bausch & Lomb. Such statements involve a number of risks and uncertainties including those concerning global and local economic, political and sociological conditions, currency exchange rates, government pricing changes and initiatives with respect to healthcare products, changes in laws and regulations relating to the import and export of products, product development and rationalization, enrollment and completion of clinical trials, regulatory approvals, the outcome of litigation, product introductions, the financial well-being of key customers, development partners and suppliers, the successful execution of marketing strategies, the continued successful implementation of its efforts in managing and reducing costs and expenses, continued positive relations with third party financing sources, as well as the risk factors listed from time to time in the Company's SEC filings, including but not limited to the current report on Form 8-K, dated June 14, 2002 and the Form 10-Q for the quarter ended March 29, 2003.

Bausch & Lomb is the eye health company, dedicated to perfecting vision and enhancing life for consumers around the world. Its core businesses include soft and rigid gas permeable contact lenses and lens care products, and ophthalmic surgical and pharmaceutical products. The Bausch & Lomb name is one of the best known and most respected healthcare brands in the world. Celebrating its 150th anniversary in 2003, the company is headquartered in Rochester, New York. Bausch & Lomb's 2002 revenues were $1.8 billion; it employs approximately 11,500 people worldwide and its products are available in more than 100 countries. More information about the company can be found on the Bausch & Lomb Web site at www.bausch.com.