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Culligan flexes $75 million euro term loan to Euribor plus 350 bps
By Sara Rosenberg
New York, Nov. 16 – Culligan Holding Inc. reduced pricing on its $75 million-equivalent euro seven-year covenant-light first-lien term loan (B2/B) to Euribor plus 350 basis points from Euribor plus 400 bps, according to a market source.
In addition, the original issue discount on the euro first-lien term loan was set at 99.5, the tight end of the 99 to 99.5 talk, the source said.
The euro term loan still has a 1% floor and 101 soft call protection for six months.
On Tuesday, the euro first-lien term loan was downsized from $100 million-equivalent when the U.S. seven-year covenant-light first-lien term loan (B2/B) was upsized to $300 million from $275 million.
Pricing on the U.S. first-lien term loan is Libor plus 400 bps with a 1% Libor floor and an original issue discount of 99.5.
The U.S. first-lien term loan has 101 soft call protection for six months.
Pricing on the U.S. first-lien term loan was lowered on Tuesday from Libor plus 425 bps and the original issue discount was tightened from 99.
The company’s $600 million senior secured credit facility also includes a $75 million five-year revolver (B2/B) and a $150 million covenant-light second-lien term loan (Caa2/CCC+) that was privately placed.
Morgan Stanley Senior Funding Inc., RBC Capital Markets LLC and BMO Capital Markets Corp. are the joint lead arrangers and bookrunners on the deal.
Commitments were scheduled to be due at 4 p.m. ET on Wednesday.
Proceeds will be used to help fund the acquisition of the company by Advent International Corp. and to refinance existing debt.
Culligan is a Rosemont, Ill.-based provider of water treatment products and services.
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