KIK Custom tightens discount on $200 million add-on term B to 99.75

By Sara Rosenberg

New York, May 15 – KIK Custom Products Inc. revised the original issue discount on its $200 million add-on senior secured first-lien term loan B due Aug. 26, 2022 to 99.75 from talk in the range of 99 to 99.5, according to a market source.

Pricing on the add-on term loan is Libor plus 450 basis points with a 1% Libor floor, in line with existing term loan pricing, and the add-on term loan includes 101 soft call protection for six months.

Barclays, BMO Capital Markets, Nomura, Macquarie Capital (USA) Inc. and SunTrust Robinson Humphrey Inc. are the bookrunners on the deal.

Recommitments were scheduled to be due at noon ET on Monday, the source added.

Proceeds will be used for general corporate purposes, to fund an ABL repayment and to finance a $90 million acquisition.

KIK is a Concord, Ont.-based manufacturer of consumer products.

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