Church & Dwight enters into $1.5 billion five-year revolver

Chicago, June 21 – Church & Dwight Co., Inc. entered into a $1.5 billion revolver on June 16 with Bank of America, NA as lead administrative agent and Wells Fargo Bank, NA as co-administrative agent, according to an 8-K filed with the Securities and Exchange Commission.

There is an accordion feature that allows the company to raise commitments up to $2.25 billion.

The revolver matures on June 16, 2027, unless extended. The company may request up to two one-year extensions.

Based on ratings, interest will be between SOFR plus 75 basis points and 137.5 bps.

The commitment fee is between 6 bps and 17.5 bps, broken into five tiers.

The company must maintain an interest rate coverage ratio at a level no less than 3.75x.

Adjustments for environmental, social, and governance provisions at a late date might be possible, with a potential 1 bp increase or decrease on the commitment fee or a 5 bps increase or decrease on the margin.

For the revolver, Wells Fargo and Truist Bank were syndication agents.

Bank of Montreal, HSBC Bank USA, NA, MUFG Bank, Ltd., Bank of Nova Scotia and U.S. Bank NA were the documentation agents.

BofA Securities, Inc., Truist Securities, Inc. and Wells Fargo Securities, LLC were the joint lead arrangers and joint bookrunners.

The company also amended its $400 million term credit facility from Dec. 22, 2021 to shift the base rate to SOFR from Libor.

Additionally, the amendment on the term loan adds provisions for erroneous payments made by the administrative agent, permits certain sale leaseback transactions, and further amends certain other provisions in the term credit agreement in a manner consistent with similar provisions in the company’s revolving credit facility mentioned above.

The company terminated its $1 billion revolver from March 29, 2018 with Bank of America, NA as administrative agent in connection with the new credit agreement.

The maker of personal care, household and specialty products is based in Princeton, N.J.

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