Sun Products reduces secured term loan B size by $25 million

By Sara Rosenberg

New York, March 14 - Sun Products Corp. downsized its seven-year senior secured term loan B (B1/B-) to $1,055,000,000 from $1.08 billion, according to a market source.

Price talk on the term loan B is Libor plus 375 basis points to 400 bps with a 1.25% Libor floor and an original issue discount of 99, and there is 101 soft call protection for six months.

The company's now $1,155,000,000 billion credit facility, down from $1.18 billion, also includes a $100 million five-year revolver.

J.P. Morgan Securities LLC, Barclays, Morgan Stanley Senior Funding Inc., Bank of America Merrill Lynch and Goldman Sachs & Co. are the lead banks on the deal.

Proceeds will be used to refinance existing debt.

Other funds for the refinancing will come from $575 million of notes that were upsized from $500 million with the term loan downsizing. The extra $50 million of funds raised from the notes upsizing will be used to redeem preferred shares, the source added.

Sun Products is a Wilton, Conn.-based manufacturer of branded and retailer brand fabric care and dish care products.

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