Water Pik cuts term loan to $130 million, prices at Libor plus 525 bps

By Sara Rosenberg

New York, July 28 - Water Pik Inc. downsized its six-year term loan to $130 million from $177 million and firmed pricing on the debt, as well as on a $20 million five-year revolver, at Libor plus 525 basis points, the wide end of the Libor plus 500 bps to 525 bps talk, according to a market source.

As before, the senior secured credit facility has a 1.5% Libor floor and an original issue discount of 99.

The term loan includes 101 soft call protection for one year.

GE Capital Markets is the lead bank on the $150 million deal, down from $197 million.

Proceeds will be used to refinance existing debt and fund a dividend. The amount of the dividend was reduced as a result of the term loan downsizing.

Water Pik is a Fort Collins, Colo.-based developer and manufacturer of personal and oral health care products.

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