Culligan firms $70 million add-on term loan B at Libor plus 425 bps

By Sara Rosenberg

New York, July 2 – Culligan Holding Inc. (AI Aqua Merger Sub Inc.) finalized pricing on its $70 million covenant-lite add-on term loan B (B2/B) due Dec. 13, 2023 at Libor plus 425 basis points, the low end of the Libor plus 425 bps to 450 bps talk, according to a market source.

Also, the original issue discount on the add-on term loan firmed at 98, the tight end of the 97.5 to 98 talk, the source said.

The add-on term loan still has a 1% Libor floor and 101 soft call protection for six months.

Morgan Stanley Senior Funding Inc. is the bookrunner on the deal.

Proceeds will be used with a $20 million equity contribution to repay amounts under the company’s revolving credit facility, to fund working capital and to add cash to the balance sheet.

Closing is expected during the week of July 8.

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

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