Triton lifts term B to $2.55 billion, flexes to Libor plus 350 bps

By Sara Rosenberg

New York, March 16 – Triton Water Holdings Inc. upsized its seven-year covenant-lite first-lien term loan B (B1/B) to $2.55 billion from $1.8 billion and reduced pricing to Libor plus 350 basis points from Libor plus 375 bps, according to a market source.

Also, the original issue discount on the term loan firmed at 99.5, the tight end of the 99 to 99.5 talk, the source said.

As before, the term loan has a 25 bps pricing step-down at 0.5x inside closing date first-lien net leverage and a 25 bps step-down upon the consummation of a qualifying initial public offering, a 0.5% Libor floor and 101 soft call protection for six months.

The company’s now $2.9 billion of senior secured credit facilities, up from $2.15 billion, also include a $350 million ABL revolver.

Morgan Stanley Senior Funding Inc., BofA Securities Inc., Jefferies LLC, RBC Capital Markets, Mizuho and Credit Suisse Securities (USA) LLC are the joint lead arrangers and bookrunners on the deal.

Recommitments were scheduled to be due at 5 p.m. ET on Tuesday, the source added.

Allocations are expected on Wednesday.

Proceeds will be used to help fund the buyout of Triton (Nestle Waters North America) by One Rock Capital Partners LLC and Metropoulos & Co. from Nestle SA for $4.3 billion.

Other funds for the transaction will come from $670 million of senior notes. The company canceled plans for a $750 million senior secured notes offering as a result of the term loan upsizing.

Closing is expected in the spring, subject to customary conditions.

Triton is a Stamford, Conn., provider of bottled water.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.