Knowlton Development widens OID on $525 million term loan to 98

By Sara Rosenberg

New York, Dec. 13 – Knowlton Development Corp. revised the original issue discount on its $525 million seven-year first-lien term loan (B2/B+) to 98 from 99, according to a market source.

In addition, the 101 soft call protection was extended to one year from six months, the source said.

Pricing on the term loan remained at Libor plus 425 basis points with a 0% Libor floor.

Earlier in syndication, the spread on the term loan was increased from talk in the range of Libor plus 375 bps to 400 bps, and changes were made to documentation, including to MFN and various baskets.

The company’s $600 million of credit facilities also include a $75 million five-year revolver.

UBS Investment Bank, Guggenheim and Jefferies LLC are the joint lead arrangers on the deal.

Proceeds will be used with equity to fund the buyout of the company by Cornell Capital.

Knowlton Development is a Quebec-based manufacturer of health and beauty-care products.

© 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.