Water Pik sets first-and second-lien term loan talk with launch

By Sara Rosenberg

New York, June 12 - Water Pik Inc. came out with price talk on its $215 million seven-year first-lien covenant-light term loan and $95 million 71/2-year second-lien covenant-light term loan in connection with its Wednesday bank meeting, according to a market source.

The first-lien term loan is talked at Libor plus 400 basis points with a 1% Libor floor and an original issue discount of 99, and the second-lien term loan is talked at Libor plus 800 bps with a 1% Libor floor and a discount of 981/2, the source said.

Included in the first-lien loan is 101 repricing protection for six months, and the second-lien loan has call protection of 102 in year one and 101 in year two.

The company's $335 million credit facility also provides for a $25 million revolver.

Credit Suisse Securities (USA) LLC, GE Anteres and Macquarie Capital are the joint lead arrangers and bookrunners on the deal.

Proceeds will be used to help fund the company's buyout by MidOcean Partners LP.

Commitments are due on June 26.

Water Pik is a Fort Collins, Colo.-based provider of branded oral health and replacement showerhead products.

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