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Waterlogic reveals price talk on U.S. and euro term loans
By Sara Rosenberg
New York, July 26 – Waterlogic Group Holdings Ltd. announced price talk on its $400 million seven-year senior secured covenant-lite first-lien term loan B (B3/B) and $400 million equivalent euro seven-year senior secured covenant-lite first-lien term loan B (B3/B) with its lender call on Monday, according to a market source.
Price talk on the U.S. term loan is Libor plus 425 basis points with a 0.5% Libor floor and an original issue discount of 99.5, and talk on the euro term loan is Euribor plus 375 bps to 400 bps with a 0% floor and a discount of 99.5, the source said.
Both term loans have 101 soft call protection for six months.
The U.S. term loan has amortization of 1% per annum, and the euro term loan has no amortization.
The company is also getting a $125 million six-year revolving credit facility.
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.
Commitments are due at 5 p.m. ET on Aug. 4.
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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