American Bath launches $1.2 billion term loan at Libor plus 375 bps

By Sara Rosenberg

New York, Jan. 21 – American Bath Group LLC (CP Atlas Buyer Inc.) was scheduled to hold a lender call at 3 p.m. ET on Thursday to launch a $1.2 billion first-lien term loan (B2/B-) due December 2027 with price talk of 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 and amortization of 1% per annum, the source said.

Credit Suisse Securities (USA) LLC is the lead arranger on the deal.

Proceeds will be used to refinance an existing term loan that priced late last year at Libor plus 450 bps with a 25 bps step-down at 0.5x inside closing leverage and a 0.75% Libor floor.

With the refinancing, existing lenders will get paid the 101 call protection that is on the existing term loan.

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

American Bath is an Arlington, Tex.-based manufacturer of showers, bathtubs and related accessories.

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