KIK Custom to launch roughly $1 billion credit facility on Tuesday

By Sara Rosenberg

New York, July 30 – KIK Custom Products Inc. is scheduled to hold a bank meeting at 1 p.m. ET on Tuesday to launch a $1,075,000,000 credit facility, according to a market source.

Barclays, BMO Capital Markets, Nomura Securities International Inc. and Macquarie Capital (USA) Inc. are the bookrunners on the debt.

The facility consists of a $225 million five-year asset-based revolver and an $850 million seven-year senior secured covenant-light term loan, the source said.

Proceeds will be used to help fund the buyout of the company by Centerbridge Partners LP from CI Capital Partners.

Net first-lien leverage is 4.1 times, and net total leverage is 5.9 times, the source added.

Closing is subject to customary conditions and approvals.

KIK is a Toronto-based developer and marketer of pool and spa treatment products and a manufacturer of household and personal care products.

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