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KCP gets debt commitment from three banks to back buyout by Caxton-Iseman
By Sara Rosenberg
New York, April 2 - KCP Income Fund has received a debt financing commitment from JPMorgan, Credit Suisse and UBS to help back its buyout by Caxton-Iseman Capital, Inc., according to a company news release.
Under the acquisition agreement, Caxton-Iseman is buying the company for C$804 million.
The transaction is scheduled to close in June, subject to the approval of the fund unitholders, the receipt of regulatory approvals and other customary closing conditions.
In connection with the transaction, KIK Acquisition Co., a wholly owned subsidiary of the fund, anticipates commencing a consent solicitation to amend the terms of its exchangeable unsecured subordinated debentures to provide for an early redemption date.
Concord, Ont.-based KCP, through its operating subsidiaries KIK Holdco Co. and KIK Operating Partnership, is a manufacturer of consumer products in the laundry, household cleaners, personal care, over-the-counter medicated and pharmaceutical categories.
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