Culligan talks $50 million incremental term loan at 99.5 OID

By Sara Rosenberg

New York, Dec. 7 – Culligan Holding Inc. (AI Aqua Merger Sub Inc.) launched on Monday a fungible $50 million incremental covenant-lite first-lien term loan B (B2/B) due Dec. 13, 2023 with original issue discount talk of 99.5, according to a market source.

Pricing on the incremental term loan is Libor plus 525 basis points with a 1% Libor floor, in line with existing term loan pricing.

The incremental term loan has amortization of 1% per annum.

Morgan Stanley Senior Funding Inc. is the sole lead on the deal and the administrative agent.

Commitments were scheduled to be due at 4 p.m. ET on Monday, the source added.

Proceeds will be used for general corporate purposes, including future tuck-in acquisitions.

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

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