Summit Research Labs launches $90 million credit facility to investors

By Sara Rosenberg

New York, Nov. 5 – Summit Research Labs held a bank meeting at 1:30 p.m. ET on Wednesday to launch a $90 million credit facility, according to a market source.

Citizens Financial Group is the lead on the deal.

The facility consists of a $10 million five-year revolver and an $80 million six-year term loan B, the source said.

Price talk on the term loan B is Libor plus 450 basis points to 475 bps with a 1% Libor floor and an original issue discount of 99, the source continued.

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

Commitments are due on Nov. 19.

Proceeds will be used to refinance existing debt and fund a dividend.

Other funds for the transaction will come from $30 million of mezzanine debt, the source added.

Summit Research, a One Rock Capital Partners portfolio company, is a Huguenot, N.Y.-based manufacturer of active ingredients for antiperspirants.

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