American Bath lifts term loan to $174 million, revises OID to 99.5

By Sara Rosenberg

New York, Sept. 22 – American Bath Group (CP Atlas Buyer Inc.) upsized its fungible incremental covenant-lite first-lien term loan (B2/B-) due November 2027 to $174 million from $150 million and tightened the original issue discount to 99.5 from 99, according to a market source.

Pricing on the incremental term loan is Libor plus 375 basis points with a 0.5% Libor floor, in line with existing first-lien term loan pricing.

Credit Suisse Securities (USA) LLC is the left lead arranger on the deal.

Recommitments were scheduled to be due at 11 a.m. ET on Wednesday, the source added.

Proceeds will be used to fund tuck-in acquisitions and repay revolving credit facility borrowings.

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

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