Culligan launches $200 million incremental term loan B at 97 OID

By Sara Rosenberg

New York, Sept. 20 – Culligan Holding Inc. (AI Aqua Merger Sub Inc.) launched on Friday its fungible $200 million incremental covenant-lite term loan B (B2/B-) due December 2023 with original issue discount talk of 97, according to a market source.

Pricing on the incremental term loan is Libor plus 425 basis points with a 1% Libor floor.

The incremental term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.

Morgan Stanley Senior Funding Inc., RBC Capital Markets and BMO Capital Markets Corp. are the lead banks on the deal.

Commitments are due at noon ET on Sept. 27, the source added.

Proceeds will be used to repay the existing balance on the company’s revolving credit facility, fund pending acquisitions and add cash to the balance sheet.

Culligan is a Rosemont, Ill.-based provider of water treatment products and services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.