Church & Dwight enters $600 million unsecured revolving credit facility

By Jennifer Chiou

New York, Dec. 22 – Church & Dwight Co., Inc. executed on Dec. 19 a credit agreement with Bank of America, NA as administrative agent, according to an 8-K filed with the Securities and Exchange Commission.

The credit agreement replaced the company’s prior credit facility and provides for a $600 million unsecured revolving credit facility.

SunTrust Bank and Wells Fargo Bank, NA acted as syndication agents and swingline lenders with Deutsche Bank Securities Inc., HSBC Bank USA, NA, Santander Bank, NA and the Bank of Tokyo-Mitsubishi UFJ, Ltd. as documentation agents.

Merrill Lynch, Pierce, Fenner & Smith Inc., SunTrust Robinson Humphrey, Inc. and Wells Fargo Securities, LLC acted as joint lead arrangers and joint bookrunners.

The filing noted that Church & Dwight has the ability to increase the size of the facility by up to an additional $500 million.

The revolver will mature on Dec. 19, 2019.

Borrowings will bear interest at 87.5 bps to 175 bps, depending on the company’s corporate credit ratings.

There is a commitment fee of 7.5 bps to 25 bps per year.

Church & Dwight is required maintain its leverage ratio at a level no greater than 3.50 to 1.00. If the company has completed a material acquisition, that level will be no greater than 3.75:1.00.

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

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