March 05, 2015 2:34 PM ET

Healthcare Providers and Services

Company Overview of Prestige Brands Inc.

Company Overview

Prestige Brands Inc. markets and distributes over-the-counter healthcare and household cleaning products in the United States, Canada, Australia, and internationally. It offers oral rehydration, digestive care, household cleaning, hygiene, oral care, pain relief, pediatric care, sleep aids, and skin care products, as well as eye, ear, nose, and throat care products. The company’s products include throat drops, ear wax removal system s, nasal allergy sprays, granular powders, therapeutic solutions for lice and scabies infestations, denture cleansers, dental protectors, antiseptic oral cleansers, denture adhesives, headache powders, pain relievers, liquid bandages, and lip balms; and products ...

660 White Plains Road

Suite 250

Tarrytown, NY 10591

United States

Phone:

914-524-6819

Fax:

914-524-6815

Key Executives for Prestige Brands Inc.

Chief Executive Officer President and Director
Age: 57
Chief Financial Officer
Age: 50
Vice President of Operations
Vice President of Strategic Planning, Canada and Household Products
Age: 60
Executive Vice President of Sales & Marketing
Age: 51
Compensation as of Fiscal Year 2014.

Prestige Brands Inc. Key Developments

Prestige Brands Holdings, Inc. and Prestige Brands, Inc. Amendment No. 2 to the Term Loan Credit Agreement

On September 3, 2014, Prestige Brands Holdings, Inc. (the 'company') and its wholly-owned subsidiary, Prestige Brands, Inc. ('Borrower'), entered into (i) Amendment No. 2 to the Term Loan Credit Agreement (as amended by Amendment No. 1, dated as of February 21, 2013, the "Term Loan Credit Agreement"), dated as of January 31, 2012, among the Borrower, the Company, the other guarantors from time to time party thereto, each lender from time to time party thereto and Citibank, N.A., as administrative agent and (ii) Amendment No. 3 to the ABL Credit Agreement (as amended by that certain Incremental Amendment, dated as of September 12, 2012, and that certain Incremental Amendment, dated as of June 11, 2013, the "ABL Credit Agreement"), dated as of January 31, 2012, among the Borrower, the Company, the other guarantors from time to time party thereto, each lender from time to time party thereto and Citibank, N.A., as administrative agent, L/C issuer and swing line lender. The Term Loan Amendment provides for (i) the creation of a new class of Term B-2 Loans under the Term Loan Credit Agreement in an aggregate principal amount of $720.0 million, (ii) increased flexibility under the Term Loan Credit Agreement, including but not limited to additional investment, restricted payment and debt incurrence flexibility and financial maintenance covenant relief and (iii) an interest rate on (x) the Term B-1 Loans that is based, at the Borrower's option, on a LIBOR rate plus a margin of 3.125% per annum, with a LIBOR floor of 1.00%, or an alternate base rate plus a margin, and (y) the Term B-2 Loans that is based, at the Borrower's option, on a LIBOR rate plus a margin of 3.50% per annum, with a LIBOR floor of 1.00%, or an alternate base rate plus a margin (with a margin step-down to 3.25% per annum, based upon achievement of specified secured net leverage ratio). The ABL Amendment provides for (i) a $40.0 million increase in revolving commitments under the ABL Credit Agreement and (ii) increased flexibility under the ABL Credit Agreement, including but not limited to additional investment, restricted payment and debt incurrence flexibility. The Company intends to use the net proceeds from the Term B-2 Loans to finance the previously announced acquisition of the stock of Insight Pharmaceuticals Corporation ("Insight"), to repay its existing senior secured credit facilities, to pay fees and expenses incurred in connection with these transactions and for general corporate purposes.

Prestige Brands, Inc. Issues $400 Million in Aggregate Principal Amount of 5.375% Senior Notes Due 2021

On December 17, 2013 (the Closing Date), Prestige Brands Holdings, Inc.’s wholly-owned subsidiary, Prestige Brands, Inc. (Prestige Brands or the Issuer), issued $400 million in aggregate principal amount of 5.375% Senior Notes due 2021 (the Notes). The Notes were issued pursuant to an Indenture, dated as of the Closing Date (the Indenture), among Prestige Brands, the company, as a guarantor, and certain other subsidiaries of the company, as guarantors, and U.S. Bank National Association, as trustee (the Trustee). The Notes will mature on December 15, 2021. The Issuer will pay interest on the Notes at a rate of 5.375% per annum in cash semiannually, in arrears, on June 15 and December 15 of each year, commencing on June 15, 2014. The Issuer will make each interest payment to the holders of record of the Notes on the immediately preceding June 1 and December 1. The Issuer may redeem some or all of the Notes at any time prior to December 15, 2016 at a redemption price equal to 100% of the principal amount thereof plus accrued and unpaid interest, if any, on such Notes plus an applicable make-whole premium. On or after December 15, 2016, the Issuer may redeem some or all of the Notes at redemption prices. In addition, at any time prior to December 15, 2016, the Issuer may redeem up to 35% of the aggregate principal amount of the Notes at a redemption price equal to 105.375% of the principal amount thereof plus accrued and unpaid interest to the redemption date, with the net cash proceeds of certain equity offerings, provided that certain conditions are met.

Prestige Brands Inc. Announces Initial Results of Tender Offer and Consent Solicitation of 8.25% Senior Notes Due 2018

Prestige Brands Holdings, Inc. announced that Prestige Brands, Inc. (Prestige Brands), has received, pursuant to its previously announced cash tender offer and consent solicitation with respect to any and all of its outstanding $250,000,000 aggregate principal amount of 8.25% Senior Notes due 2018 (the Notes), the requisite consents to adopt proposed amendments to the indenture under which the Notes were issued, that would, among other things, eliminate substantially all of the restrictive covenants, certain events of default and certain related provisions contained in the indenture (the Amendments). In addition, the Amendments have the effect of automatically releasing the liens on the collateral that secures Prestige Brands' obligation that the 2018 Notes be secured on an equal and ratable basis with the obligations under Prestige Brands' existing credit agreement. As reported by the depositary, tenders and corresponding consents have been delivered with respect to $201,710,000 aggregate principal amount of the Notes (representing 80.68% of the outstanding aggregate principal amount of the Notes), which Notes had been validly tendered and not validly withdrawn as of 5:00 p.m., New York City time, on December 16, 2013 (the Consent Payment Deadline). As a result, the requisite consents have been obtained with respect to all of the Amendments. In conjunction with receiving the requisite consents, Prestige Brands, the company, the other guarantors party thereto, and U.S. Bank National Association, as trustee, executed a second supplemental indenture with respect to the indenture governing the Notes effecting certain amendments that would implement the Amendments. The second supplemental indenture became operative upon acceptance of the Notes for purchase by the Issuer pursuant to the terms and conditions described in the Statement. The tender offer and consent solicitation are being made upon the terms in the related Offer to Purchase and Consent Solicitation Statement dated December 3, 2013 (the Statement). Holders who validly tendered their Notes and delivered their consents on or prior to the Consent Payment Deadline are eligible to receive the applicable Total Consideration. A holder's right to validly withdraw tendered Notes and validly revoke delivered consents expired on the Consent Payment Deadline.

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