JPMorgan Lands Orange Glo Acquisition Financing

Church & Dwight Co. has hit up JPMorgan for a $250 million addition to its existing credit facility for the acquisition of Orange Glo International, the cleaning product company that uses infomercial legend Billy Mays to plug its products.

  • 21 Jul 2006
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Church & Dwight Co. has hit up JPMorgan for a $250 million addition to its existing credit facility for the acquisition of Orange Glo International, the cleaning product company that uses infomercial legend Billy Mays to plug its products. Pricing on the addition could not be determined.

The existing facility led by JPMorgan and Citigroup was taken out in December 2005 to refinance an existing term loan. The deal consists of a four-year, $100 million multi-currency revolver; a five-year, $300 million term loan "A," with an option to increase it $250 million, and a $440 million term loan "B." Pricing on the revolver and "A" loan is LIBOR plus 1 1/2% and pricing on the "B" loan is LIBOR plus 1 3/4%. Covenants on the existing deal include a maximum leverage ratio and a minimum interest coverage ratio.

The acquisition will cost Church & Dwight, the makers of Arm & Hammer products, $352 million. Standard & Poor's rated the new facility BB+ with a recovery rating of 1. The agency put the financing on CreditWatch with negative implications because of Church & Dwight's use of the accordion feature to aid in financing the acquisition.

Greenwood Village, Colo.-based Orange Glo is the maker of household cleaning products, OxiClean laundry pre-wash additive and Kaboom bathroom cleaner. Calls to Zvi Eiref, cfo of Church & Dwight, were not retuned. An Orange Glo spokesman declined comment.

  • 21 Jul 2006

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2 Goldman Sachs 2,096 5 12.39
3 Morgan Stanley 1,965 5 11.61
4 BNP Paribas 1,686 6 9.96
5 Barclays 1,565 4 9.25

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