Energizer SpinCo talks $400 million term B at Libor plus 275-300 bps

By Sara Rosenberg

New York, May 6 – Energizer SpinCo Inc. launched on Wednesday its $400 million seven-year term loan B with price talk of Libor plus 275 basis points to 300 bps with a 0.75% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan B has 101 soft call protection for six months, the source said.

The company’s $650 million credit facility (Baa3) also includes a $250 million five-year revolver.

Commitments are due on May 14, the source added.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to help fund the spinoff of Energizer Holdings Inc.’s household products business into a newly formed publicly traded company named Energizer SpinCo.

Energizer SpinCo is a St. Louis-based manufacturer and marketer of batteries and lighting products.

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