Avista plans new debt for purchase of Clorox's auto-care business

By Sara Rosenberg

New York, Sept. 22 - Clorox Co.'s Global Auto Care business has received a debt financing commitment to help fund its buyout by Avista Capital Partners for roughly $780 million, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

The actual purchaser of the business - owned by Avista - will be Viking Acquisition Inc.

JPMorgan is the lead bank on the debt.

Other financing from the transaction will come from equity.

Closing on the acquisition is expected by year-end, subject to regulatory and other customary approvals and conditions.

The Global Auto Care business is a manufacturer, marketer and distributor of automotive aftermarket appearance and performance auto-care products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.