American Bath readies launch of $1.2 billion term loan for Tuesday

By Sara Rosenberg

New York, Nov. 9 – American Bath Group, LLC (CP Atlas Buyer, Inc.) is set to hold a lender call at 10 a.m. ET on Tuesday to launch a $1.2 billion seven-year first-lien term loan, according to a market source.

Credit Suisse Securities (USA) LLC, RBC Capital Markets, LLC, BofA Securities, Inc., BMO Capital Markets Corp., Truist Securities, Inc., Barclays and UBS Investment Bank are the lead arrangers on the deal.

The term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.

Of the total term loan amount, $900 million will be funded and $300 million will be delayed draw.

Commitments are due on Nov. 20, the source added.

Proceeds will be used to help fund the buyout of the company by Centerbridge Partners, LP from Lone Star Funds.

Closing is expected in the fourth quarter, subject to customary conditions and approvals.

American Bath is an Arlington, Tex.-based manufacturer of showers, bathtubs and related accessories.

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