Culligan prices $741 million three-part deal; McDermott $2.15 billion launches Monday

By Paul A. Harris

Portland, Ore., March 2 – In Friday's leveraged loan market Culligan priced an upsized $741,137,500 three-part bank debt package.

The deal, which was upsized from $713,137,500, saw spreads on all three tranches set at Libor plus 325 basis points with 25 bps leverage step-downs, atop 1% Libor floors.

All tranches mature on Dec. 13, 2023.

All three tranches priced at par.

The deal included:

• $297 million of the AI Aqua Merger Sub senior secured term loan B-1;

• $344,137,500 of AI Aqua Merger Sub incremental term loan B; and

• An upsized $100 million (from $72 million) term loan B add-on.

And McDermott International Inc. set a Monday lender call for a $2.15 billion seven-year first-lien term loan.

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