KIK Custom Products to pay down revolver debt with sale-leaseback proceeds

By Sara Rosenberg

New York, Aug. 4 - KIK Custom Products plans to reduce borrowings under its revolving credit facility using proceeds from a sale-leaseback transaction, according to a news release.

Under the sale-leaseback deal, Angelo, Gordon & Co. acquired six of KIK's manufacturing and distribution facilities located for $30.4 million.

Remaining proceeds from the transaction will be used to fund new capital projects.

KIK is a Concord, Ont.-based contract manufacturer and distributor of national brand and retailer brand consumer products.

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