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KIK Custom launches $100 million add-on term loan at 99.5-99.75 OID
By Sara Rosenberg
New York, June 6 – KIK Custom Products Inc. (Kronos Acquisition Holdings Inc.) held a lender call at 1:45 p.m. ET on Wednesday to launch a fungible $100 million add-on term loan B due May 15, 2023 that is talked with an original issue discount of 99.5 to 99.75, according to a market source.
Pricing on the add-on loan is Libor plus 400 basis points with a 1% Libor floor, in line with existing term loan B pricing.
Nomura, Macquarie Capital (USA) Inc. and SunTrust Robinson Humphrey Inc. are the arrangers on the deal.
Commitments are due at 5 p.m. ET on June 13, the source added.
Proceeds will be used to repay borrowings under the company’s asset-based lending credit facility.
KIK is a Concord, Ont.-based manufacturer of consumer products.
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