Water Pik gets $290 million LBO financing commitment from ING

By Sara Rosenberg

New York, Jan. 10 - Water Pik Technologies Inc. has received a commitment for an up to $290 million credit facility to help fund its leverage buyout by The Carlyle Group and Zodiac SA, according to an 8-K filed with the Securities and Exchange Commission Tuesday.

ING Capital LLC is leading the debt transaction that is comprised of term loans and revolver facilities.

Under the acquisition agreement, Coast Acquisition Corp., a newly formed corporation 80% owned by Carlyle and 20% owned by Zodiac, will purchase Water Pik for $27.75 per share of common stock in cash. The aggregate consideration, on a fully diluted equity value basis, to be paid to Water Pik stockholders is about $380 million.

Carlyle and Zodiac have committed to provide up to $157 million in equity financing to help fund the buyout as well.

The transaction is expected to be completed in late April and is subject to various conditions, including approval by Water Pik stockholders, the expiration of the applicable waiting period under the Hart-Scott-Rodino Act and other customary closing conditions.

Water Pik is a Newport Beach, Calif., designer, manufacturer and marketer of swimming pool products and personal health care products.

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