Credit Suisse and ING Bank have launched syndication of a $290 million credit for WaterPik Technologies. The deal consists of a six-year, $50 million revolver; a seven-year, $165 million first-lien term loan and a seven-and-a-half-year, $75 million second-lien term loan. Pricing on the first-lien facilities is LIBOR plus 2 1/2% while the second lien is priced at LIBOR plus 6 1/2%. The deal launched March 15.
The credit backs the leveraged buyout of WaterPik by Coast Acquisition Corp., a newly formed corporation owned by The Carlyle Group and Zodiac S.A., a French industrial company. The acquisition, which was agreed upon Jan. 6, is valued at $380 million. Standard & Poor’s assigned a BB- rating to the first-lien facilities and a B- rating to the secon lien. Moody’s Investors Service rated the first lien B1 and the second lien B3.
Located in Newport Beach, Calif., WaterPik designs, markets and manufactures health care products, as well as swimming pool and spa products. A WaterPik spokesman declined to comment. Bankers at Credit Suisse and ING, and a spokesman at Carlyle did not return calls.