Culligan to launch $70 million add-on term loan B on Thursday

By Sara Rosenberg

New York, June 26 – Culligan Holding Inc. (AI Aqua Merger Sub Inc.) is scheduled to hold a lender call at 11 a.m. ET on Thursday to launch a $70 million covenant-lite add-on term loan B due Dec. 13, 2023, according to a market source.

Morgan Stanley Senior Funding Inc. is the lead bank on the deal.

Price talk on the add-on term loan is Libor plus 425 basis points to 450 bps with a 1% Libor floor and an original issue discount of 97.5 to 98, the source said.

The add-on term loan has 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on Monday, the source added.

Proceeds will be used to repay amounts under the company’s revolving credit facility, to fund working capital and to add cash to the balance sheet.

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

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