KIK Custom lifts add-on term loan to $115 million, sets OID at 99.5

By Sara Rosenberg

New York, June 14 – KIK Custom Products Inc. (Kronos Acquisition Holdings Inc.) upsized its fungible add-on term loan B due May 15, 2023 to $115 million from $100 million and firmed the original issue discount at 99.5, the wide end of the 99.5 to 99.75 talk, 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.

Recommitments were scheduled to be due at 3 p.m. ET on Thursday, the source added.

Proceeds will be used to repay borrowings under the company’s asset-based lending credit facility.

Closing is expected during the week of June 18.

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

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