Waterlogic to launch $800 million equivalent term loan on Monday

By Sara Rosenberg

New York, July 23 – Waterlogic Group Holdings Ltd. is scheduled to hold a lender call at 10:30 a.m. ET on Monday to launch an $800 million equivalent U.S. and euro seven-year senior secured covenant-lite first-lien term loan B, of which $400 million is a U.S. tranche, according to a market source.

Citigroup Global Markets Inc. and Goldman Sachs are the global coordinators and joint bookrunners on the deal, with Citigroup the left lead on the U.S. loan and Goldman the left lead on the euro loan. HSBC, SMBC and Societe Generale are joint bookrunners. HSBC is the agent.

The U.S. and euro term loans have 101 soft call protection for six months, the source said.

The U.S. term loan has amortization of 1% per annum, and the euro term loan has no amortization.

Commitments are due at 5 p.m. ET on Aug. 4, the source added.

The company is also getting a $125 million six-year revolving credit facility.

Proceeds will be used with $60 million of new equity from the sponsors to refinance existing debt, fund add-on acquisitions, and pay transaction fees and expenses.

Pro forma for the transaction and near-term bolt-on acquisitions, gross total leverage will be 5.2x and net total leverage will be 5.1x, based on LTM May 2021 adjusted pro forma EBITDA of $163 million.

Waterlogic is a designer, manufacturer, distributor and service provider of products for the water dispensing industry.

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