Moody's assigns B3 on Culligan loan

Moody's Investors Service said it assigned a B3 rating to AI Aqua Merger Sub, Inc.'s (Culligan) planned $950 million incremental senior secured first-lien term loan.

All other ratings, including the company's B3 corporate family rating and the B3 rating on the senior secured first lien term loan due 2028 are unchanged, Moody’s said.

Culligan will use the loan to fund the planned acquisition of a significant portion of Primo Water Corp.'s assets in continental Europe for $575 million. The rest will be used to repay the balance on the $455 million revolving credit facility that expires in July 2026, add excess cash to the balance sheet, and pay transaction-related expenses.

The stable outlook is unchanged.

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