S&P rates Culligan loan B

S&P said it assigned B issue-level and 3 recovery ratings to the $950 million incremental term loan that AI Aqua Merger Sub Inc. (Culligan) plans to launch.

The agency also affirmed its B ratings on Culligan and its senior secured debt.

Osmosis Holdings LP (also doing business as Culligan) plans to use the loan to partly fund its planned acquisition of the continental Europe assets of Primo Water Corp., repay its revolver borrowings, and add excess cash to its balance sheet.

The outlook is stable.

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