KIK Consumer launches $775 million term B at Libor plus 475-500 bps

By Sara Rosenberg

New York, Dec. 14 – KIK Consumer Products (Kronos Acquisition Holdings Inc.) held a lender call at 1 p.m. ET on Monday to launch a $775 million six-year senior secured first-lien term loan B that is talked at Libor plus 475 basis points to 500 bps with a 1% Libor floor and an original issue discount of 98.5, according to a market source.

The term loan has 101 soft call protection for six months and change of control subject to portability conditions, the source said.

Security is a first priority lien on substantially all non-ABL assets, subject to customary exceptions, and a second priority lien on all ABL assets.

Barclays is the bookrunner and administrative agent on the deal.

Commitments are due at noon ET on Thursday, the source added.

Proceeds will be used to repay existing term loans and senior notes and to fund a shareholder distribution.

Other funds for the transaction will come from $600 million of other secured debt and $525 million of other unsecured debt.

KIK is a manufacturer and distributor of household cleaning, pool sanitation and automotive performance chemicals.

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