KIK Consumer Products increases term loan B amount to $900 million

By Sara Rosenberg

New York, Dec. 17 – KIK Consumer Products (Kronos Acquisition Holdings Inc.) upsized its six-year senior secured first-lien term loan B (B2/B-) to $900 million from $775 million and downsized its senior secured notes offering to $475 million from $600 million, according to a market source.

Pricing on the term loan is Libor plus 450 basis points with a 0.75% Libor floor and an original issue discount of 99.

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

Earlier in syndication, pricing on the term loan was reduced from talk in the range of Libor plus 475 bps to 500 bps, the Libor floor was lowered from 1% and the discount was tightened from 98.5.

Barclays is the bookrunner and administrative agent on the deal.

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 $525 million of senior notes.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.