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Water Pik to launch $335 million credit facility on Wednesday
By Sara Rosenberg
New York, June 10 - Water Pik Inc. is set to hold a bank meeting at 10 a.m. ET on Wednesday to launch a $335 million credit facility, according to a market source.
Credit Suisse Securities (USA) LLC, GE Anteres and Macquarie Capital are the joint lead arrangers and bookrunners on the deal.
The facility consists of a $25 million revolver, a $215 million seven-year first-lien covenant-light term loan and a $95 million 71/2-year second-lien covenant-light term loan, the source said.
The first-lien loan has 101 repricing protection for six months, and the second-lien loan has call protection of 102 in year one and 101 in year two.
Proceeds will be used to help fund the company's buyout by MidOcean Partners LP.
Commitments are due on June 26, the source added.
Water Pik is a Fort Collins, Colo.-based provider of branded oral health and replacement showerhead products.
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