Tue 01/11/2022 07:54 AM
Wella Refinancing
Wella is pre-sounding funds over a $1.8 billion equivalent cov-lite term loan B to refinance $1.2 billion of debt and pay shareholders KKR and Coty a $989 million dividend. The global hair products and beauty group has already pre-placed a $300 million-equivalent HoldCo PIK and a $300 million RCF as part of the deal, sources told Reorg.
The dividend recap will take pro forma senior secured net leverage to 4.6x and total net leverage through the HoldCo PIK to 5.4x,...
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