Prestige Consumer Healthcare Completes Breathe Right ® Acquisition
Prestige Consumer Healthcare Inc. announced the completion of its previously announced acquisition of the Breathe Right ® brand and certain other brands from Foundation Consumer Healthcare for $1.045 billion. The acquisition, which makes Breathe Right ® the company's largest brand and expands it into a new category, was financed through a combination of available cash and a new $1.045 billion Term Loan Facility. Additionally, the company amended its ABL Credit Agreement, increasing commitments to $225 million and extending its maturity.
Key Highlights
- Prestige Consumer Healthcare completed the acquisition of the Breathe Right ® brand and other brands.
- The acquisition was valued at $1.045 billion, or approximately $900 million net of anticipated tax benefits.
- The transaction was financed with available cash and a new $1.045 billion Term Loan Facility.
- The Term Loan Facility allows for a second draw of up to $95.0 million for the LaCorium Health acquisition.
- The ABL Credit Agreement was amended to increase aggregate commitments to $225 million and extend its maturity date.
- Term loans bear interest at Term SOFR plus 2.00% or an alternate base rate, with quarterly amortization payments of 0.25%.
Price Impact
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