Culligan plans $500 million of debt financing for AquaVenture buy

By Sara Rosenberg

New York, Dec. 26 – Culligan has received a commitment for $500 million in debt financing, which may be comprised of a senior secured cash flow revolver, a senior secured term loan and/or senior unsecured notes, according to an 8-K filed recently with the Securities and Exchange Commission.

Morgan Stanley Senior Funding Inc., Ares Capital Management LLC, PSP Investment Credits USA LLC, RBC Capital Markets, Bank of America and Credit Suisse provided the debt commitment.

Proceeds will be used to help fund the acquisition of AquaVenture Holdings Ltd. for $27.10 in cash per ordinary share. The transaction is valued at about $1.1 billion, including AquaVenture’s net debt.

Other funds for the transaction will come from about $656.8 million of equity provided by Advent International.

Culligan is a Rosemont, Ill.-based provider of sustainable water solutions and services. AquaVenture is a British Virgin Islands-based developer and provider of sustainable Water-as-a-Service solutions.

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