Church & Dwight enters $1 billion unsecured revolving credit facility

By Wendy Van Sickle

Columbus, Ohio, Dec. 8 – Church & Dwight Co., Inc. obtained a $1 billion five-year unsecured revolving credit facility on Friday, replacing the company’s existing $600 million revolver, according to an 8-K filed with the Securities and Exchange Commission.

Borrowings will bear interest at Libor plus a margin of 87.5 basis points to 175 bps, depending on the company’s credit rating. The commitment fee ranges from 7.5 bps to 25 bps and also depends on the credit rating.

Church & Dwight may request up to an additional $600 million of commitments under the agreement.

BofA Merrill Lynch, SunTrust Robinson Humphrey, Inc. and Wells Fargo Securities, LLC acted as joint lead arrangers and bookrunners; Bank of America, NA as administrative agent; SunTrust Bank and Wells Fargo Bank, NA as syndication agents; and Bank of Montreal, Deutsche Bank Securities Inc., HSBC Bank USA, NA, Bank of Nova Scotia and Bank of Tokyo-Mitsubishi UFJ, Ltd. as documentation agents.

The company is required maintain its leverage ratio at a level no greater than 3.5 times. If the company has completed a material acquisition, that level will rise to no greater than 3.75 times.

Proceeds are to be used for general corporate purposes.

The revolver matures on Dec. 4, 2020.

In connection with the new debt, the company terminated its credit agreement dated Dec. 19, 2014, with Bank of America, NA as administrative agent.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.