Viking Acquisition to launch $300 million term loan on Thursday

By Sara Rosenberg

New York, Oct. 12 - Viking Acquisition Inc. is set to hold a bank meeting on Thursday to launch its new credit facility, which will include a $300 million term loan, according to a market source.

JPMorgan is the lead bank on the deal.

Proceeds will be used to help fund the acquisition of Clorox Co.'s global auto care business by Avista Capital Partners for roughly $780 million.

Other financing from the transaction will come from equity.

Closing on the acquisition is expected by year-end, subject to regulatory and other customary approvals and conditions.

Viking Acquisition is an entity formed for the acquisition. The global auto care business is a manufacturer, marketer and distributor of automotive aftermarket appearance and performance auto-care products.

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