KIK Consumer launches $900 million term loan B at Libor plus 375 bps

By Sara Rosenberg

New York, Jan. 21 – KIK Consumer Products (Kronos Acquisition Holdings Inc.) was scheduled to hold a lender call at 1 p.m. ET on Thursday to launch a $900 million senior secured first-lien term loan B due Dec. 22, 2026 that is talked at Libor plus 375 basis points with a 0.5% Libor floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Barclays is the left bookrunner on the deal and the administrative agent.

Commitments are due at 5 p.m. ET on Monday, the source added.

Proceeds will be used to refinance/reprice an existing first-lien term loan B that priced late last year at Libor plus 450 bps with a 0.75% Libor floor.

As part of the transaction, the company will pay the 101 call protection to existing lenders that is included in the existing term loan.

KIK is a manufacturer and distributor of household cleaning, pool sanitation and automotive performance chemicals.

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