Water Pik Technologies' term loans traded above par on its break in the secondary market. The $165 million first lien broke at 101 1/4, while the $75 million second-lien loan broke at 102. ING Capital and Credit Suisse lead the deal, which also includes a $50 million revolver. The deal backs the leveraged buyout of Water Pik by Coast Acquisition Corp., a newly formed company owned by The Carlyle Group and Zodiac S.A., a French industrial company (CIN, 3/06). The merger of the two companies was completed last Wednesday. A Water Pik spokeswoman did not return calls by press time.
Water Pik Trades To Premium