Bausch & Lomb to Raise up to $210 Million Through Concurrent Offerings of Notes and Convertible Notes.

Business Editors/Health/Medical Writers

ROCHESTER, N.Y.--(BUSINESS WIRE)--July 28, 2003

Bausch & Lomb (NYSE:BOL) today announced it intends to raise up to $210 million through concurrent offerings of two separate and independent issuances of securities.

The first issuance will be $50 million of fixed rate notes due in 2008, issued under the Company's Shelf Registration filed with the Securities and Exchange Commission in June 2002.

The second issuance will be $160 million of floating rate senior convertible notes due in 2023 (including underwriters' option to purchase up to $20 million of additional convertible notes). These securities will be offered to qualified institutional buyers pursuant to Rule 144A of the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States pursuant to Regulation S of the Securities Act.

The exact terms and timing of both issuances are subject to market and other conditions. The Company intends to use the proceeds primarily to refinance existing debt obligations, as well as to repurchase one million shares of its common stock.

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