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Church & Dwight $640 million credit facility to launch Tuesday
By Sara Rosenberg
New York, May 10 - Church & Dwight Co. Inc. is scheduled to hold a bank meeting on Tuesday for a proposed $640 million credit facility, according to a market source. JPMorgan and Citigroup are the lead banks on the deal, with JPMorgan listed on the left.
The facility consists of a $100 million five-year revolver with an interest rate of Libor plus 175 basis points, a $100 million five-year term loan A with an interest rate of Libor plus 175 basis points and a $440 million seven-year term loan B with an interest rate of Libor plus 200 basis points, according to the source.
Proceeds will be used to help fund the purchase of partner Kelso & Co.'s 50% interest in Armkel LLC for about $254 million. It is expected that the purchase will be completed by May 30. The closing is subject to customary closing conditions, including completion of financing.
Church & Dwight is a Princeton, N.J., developer, manufacturer and marketer of consumer and specialty products.
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