Moody's rates Culligan facilities B3

Moody's Investors Service said it gave B3 ratings to AI Aqua Merger Sub, Inc.’s (Culligan) planned $1.1 billion increment first-lien term loan due 2028 and $250 delayed-draw first-lien term loan due 2028.

Moody’s also affirmed Culligan’s B3 corporate family rating, B3-PD probability of default rating and B3 rating on the company's senior secured first-lien credit facilities.

Culligan will use the term loan proceeds, new common equity from the company's financial sponsors BDT Capital Partners, LLC and rollover equity from Waterlogic's shareholders to fund the previously announced acquisition of Waterlogic Group Holdings Ltd.

Concurrently, the company intends to increase its first-lien revolver due 2026 to $300 million from $225 million. The first-lien revolver and proposed $250 million delay-draw term loan are expected to be undrawn at close.

The company expects to complete the Waterlogic acquisition in mid-2022.

The outlook is stable.

© 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.