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American Bath lifts incremental first-lien term loan to $265 million
By Sara Rosenberg
New York, Jan. 17 – American Bath Group LLC upsized its incremental first-lien term loan due Sept. 30, 2023 to $265 million from $225 million, with $25 million of that being a delayed-draw piece, according to a market source.
Also, pricing on the incremental term loan was lowered to Libor plus 525 basis points from Libor plus 575 bps and the original issue discount was tightened to 99.5 from 99, the source said.
The incremental term loan still has a 1% Libor floor.
The delayed-draw term loan will have three-month availability, and ticking fees are the full spread after 30 days.
Along with the changes to the incremental loan, the company is now seeking a repricing of its existing $322 million first-lien term loan to Libor plus 525 bps with a 1% Libor floor from Libor plus 575 bps with a 1% Libor floor.
The repricing is offered at par and existing lenders will get paid out at 101.
In addition, the company is refreshing the $50 million incremental shared freebie, the source continued.
Credit Suisse Securities (USA) LLC, RBC Capital Markets and Jefferies Finance LLC are the lead banks on the deal.
The company also plans on getting a $15 million incremental revolver and a $65 million incremental second-lien term loan that was privately placed.
Proceeds from the new debt and new equity will be used to fund the acquisition of Maax Bath & Spas.
Consents/recommitments are due at 3 p.m. ET on Thursday, the source added.
American Bath Group is a Savannah, Tenn.-based designer and manufacturer of fiberglass reinforced plastic, sheet molded compound and acrylic bathtubs and showers. Maax is a Lachine, Quebec-based manufacturer of bathtubs, showers and shower doors.
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