Culligan wraps $350 million incremental loan at Libor plus 525 bps

By Paul A. Harris

Portland, Ore., April 16 – Culligan Water (AI Aqua Merger Sub, Inc.) finalized the spread on a $350 million incremental first-lien term loan B due Dec. 13, 2023 (B2/B) at Libor plus 525 basis points, according to a market source.

The spread on the non-fungible tranche floats atop a 1% Libor floor.

The deal has a 1% annual amortization rate and has no financial covenants.

Joint lead arranger and joint bookrunner Morgan Stanley is the administrative agent. RBC, BofA, Credit Suisse and Golub are also joint lead arrangers and joint bookrunners.

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