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Culligan ups discount talk on $200 million incremental loan to 95-96; commitments due Tuesday
By Paul A. Harris
Portland, Ore., Sept. 30 – Culligan Holding Inc. (AI Aqua Merger Sub Inc.) revised price talk cheaper on its fungible $200 million incremental covenant-lite term loan B (B2/B-) due December 2023, according to a market source.
Revised talk has the loan coming at a discount of 95 to 96, changed from earlier talk of 97.
Spread talk remains unchanged at Libor plus 425 basis points with a 1% Libor floor.
The incremental term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.
Commitments are due at noon ET on Tuesday.
Morgan Stanley Senior Funding Inc., RBC Capital Markets and BMO Capital Markets Corp. are the lead banks on the deal.
Proceeds will be used to repay the existing balance on the company’s revolving credit facility, fund pending acquisitions and add cash to the balance sheet.
Culligan is a Rosemont, Ill.-based provider of water treatment products and services.
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