KIK Consumer flexes $775 million term B to Libor plus 450 bps

By Sara Rosenberg

New York, Dec. 16 – KIK Consumer Products (Kronos Acquisition Holdings Inc.) trimmed pricing on its $775 million six-year senior secured first-lien term loan B (B2) to Libor plus 450 basis points from talk in the range of Libor plus 475 bps to 500 bps, according to a market source.

Also, the Libor floor on the term loan was lowered to 0.75% from 1% and the original issue discount was tightened to 99 from 98.5, the source said.

The term loan still has 101 soft call protection for six months.

Barclays is the bookrunner and administrative agent on the deal.

Commitments continue to be due at noon ET on Thursday, the source added.

Proceeds will be used to repay existing term loans and senior notes and to fund a shareholder distribution.

Other funds for the transaction will come from $600 million of senior secured notes and $525 million of senior unsecured notes.

KIK is a manufacturer and distributor of household cleaning, pool sanitation and automotive performance chemicals.

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