PDC Wellness launches up to $687.6 million credit facilities

By Sara Rosenberg

New York, March 29 – PDC Wellness & Personal Care Co. (Parfums Holding Co. Inc.) was scheduled to hold a lender call at 2 p.m. ET on Wednesday to launch up to $687.6 million of credit facilities, according to a market source.

The facilities consist of a $39 million revolver due March 2026 and an up to $648.6 million covenant-lite first-lien term loan due June 2026.

Price talk on the term loan is SOFR+CSA plus 600 basis points with a 1.5% floor, an original issue discount of 94 for new money and a 600 bps extension fee for existing lenders, the source said.

CSA is 11.4 bps one-month rate, 26.2 bps three-month rate and 42.8 bps six-month rate.

The term loan has hard call protection of 102 in year one and 101 in year two, and amortization of 2.5% per annum in 2023 and 5% thereafter, the source continued.

Expected credit facilities ratings are B3/B-.

Nomura Securities and Macquarie Capital (USA) Inc. are the lead arrangers on the deal.

Commitments are due at noon ET on April 12, the source added.

Proceeds will be used to extend the existing revolver and first-lien term loan maturities by two years. The term loan has a minimum participation threshold of 90%.

Current pricing on the existing term loan is Libor plus 400 bps with a 0% floor.

PDC is a Stamford, Conn.-based wellness and personal care products company.

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