K2 Pure Solutions ups five-year term loan to $121.5 million, pricing to Libor plus 775 bps

By Sara Rosenberg

New York, Aug. 18 - K2 Pure Solutions upsized its five-year term loan (B3/B) to $121.5 million from $115 million and increased pricing to Libor plus 775 basis points from Libor plus 550 bps, according to a market source.

In addition, the Libor floor was raised to 2.25% from 2% and the original issue discount widened to 94 from 95, the source said.

Also, the loan is now non-callable for one year, then at 101 in year two, as opposed to being non-callable for one year, then at 102 in year two and 101 in year three.

Credit Suisse and Canaccord Genuity are leading the deal, with Credit Suisse the left lead.

Proceeds will be used to help fund the construction of a bleach plant in Pittsburg, Calif., that will serve municipal water treatment markets in Northern California.

K2 Pure Solutions is a manufacturer of water purification and disinfection products.

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