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Rayovac's $675 million credit facility targeted to launch early September
By Sara Rosenberg
New York, Aug. 6 - Rayovac Corp. is expecting to launch its new $675 million credit facility in early September, according to market sources. Bank of America and Citigroup are the lead banks on the deal.
"They're probably soliciting lead orders but it is expected to be a post-Labor Day event," a market professional said.
The loan consists of a $200 million revolver, a €100 million term loan and a $375 million term loan B, market sources said. Pricing is still to be determined.
Proceeds will be used to help fund the acquisition of Varta AG's consumer battery business, to retire existing bank debt and provide for expanded working capital needs of the larger company.
Rayovac is a Madison, Wis. battery and lighting device company.
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