Healthcare Providers and Services
Company Overview of Prestige Brands, Inc.
Prestige Brands, Inc. markets, sells, and distributes over-the-counter healthcare and household cleaning products to retail outlets in the United States, Canada, and selected international markets. It offers digestive care, hygiene, oral care, pain relief, pediatric care, sleep aids, women’s health, and skin care products, as well as eye, ear, nose, and throat care products. The company was founded in 1996 and is based in Tarrytown, New York. Prestige Brands, Inc. operates as a subsidiary of Prestige Brands Holdings, Inc.
660 White Plains Road
Tarrytown, NY 10591
Founded in 1996
Key Executives for Prestige Brands, Inc.
Chief Executive Officer and President
Vice President of Operations
Senior Vice President of Canada, Woman’S Health, and Strategic Planning
Senior Vice President of International
Senior Vice President of Science and Technology
Compensation as of Fiscal Year 2016.
Prestige Brands, Inc. Key Developments
Prestige Brands Inc. Announces Offering of $350.0 Million in Aggregate Principal Amount of 6.375% Senior Notes Due 2024
Feb 16 16
Prestige Brands Inc. has priced an offering of $350.0 million in aggregate principal amount of 6.375% senior notes due 2024 in a private offering. The sale of the notes is expected to be completed on or about February 19, 2016, subject to customary closing conditions. The notes will be senior unsecured obligations of Prestige Brands and will be guaranteed by the Company and certain of its subsidiaries. The Company intends to use the net proceeds from the offering to redeem all of Prestige Brands' outstanding 8.125% Senior Notes due 2020, to repay the bridge credit facility entered into on February 4, 2016 in connection with the Company's closing of the acquisition of DenTek Holdings Inc., to pay related fees and expenses and for general corporate purposes. The notes and the related guarantees are being offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended, or, outside the United States, to persons other than U.S. persons" in compliance with Regulation S under the Securities Act. The notes and related guarantees have not been registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This report shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the notes and related guarantees in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
Prestige Brands, Inc. Announces Offering of $350 Million Senior Notes
Feb 16 16
Prestige Brands Holdings Inc. announced that its wholly-owned subsidiary, Prestige Brands Inc., intends to offer, subject to market and other conditions, up to $350.0 million in aggregate principal amount of new senior notes due 2024 in a private offering. The notes will be senior unsecured obligations of Prestige Brands and will be guaranteed by the company and certain of its domestic subsidiaries. The company intends to use the net proceeds from the proposed offering to redeem all of Prestige Brands’ outstanding 8.125% Senior Notes due 2020, to repay the bridge credit facility entered into on February 4, 2016 in connection with the company’s closing of the acquisition of DenTek Holdings Inc., to pay related fees and expenses and for general corporate purposes. Prestige Brands has given notice of its intention to redeem all of the 2020 notes pursuant to the indenture governing the 2020 notes, at a redemption price equal to 104.063% of the principal amount thereof (or $1,040.63 per $1,000 in principal amount), plus accrued and unpaid interest to the date of redemption. The redemption of the 2020 notes is conditioned on the completion of an offering of new unsecured senior notes in an aggregate principal amount of at least $350.0 million. Prestige Brands may waive the Financing Condition in its sole discretion.
Prestige Brands Enters into Bridge Credit Agreement
Feb 9 16
On February 4, 2016, Prestige Brands Holdings, Inc. (the Company) and its wholly-owned subsidiary, Prestige Brands, Inc. (the 'Borrower')entered into a bridge credit agreement, among the Company, the Borrower, the other guarantors from time to time party thereto, the lenders from time to time party thereto and Barclays Bank PLC, as administrative agent. The Bridge Credit Agreement provides for term loans in an aggregate principal amount of $80.0 million, at an applicable interest rate margin equal to (i) for the period beginning on the closing date and ending on the 179th day following the closing date, 4.75% for Eurocurrency rate loans and 3.75% for base rate loans, (ii) for the period from and including the 180th day following the closing date and ending on the 269th day following the closing date, 5.00% for Eurocurrency rate loans and 4.00% for base rate loans, and (iii) for the period from and after the 270th day following the closing date, 5.25% for Eurocurrency rate loans and 4.25% for base rate loans. The Bridge Term Loans mature on February 2, 2017. The Borrower's obligations under the Bridge Credit Agreement are unconditionally guaranteed by the Company and each of the Company's existing and subsequently acquired or organized, direct or indirect wholly-owned domestic restricted subsidiaries, subject to certain exceptions. The company used the net proceeds from the Bridge Term Loans to finance the previously announced acquisition of DenTek Holdings, Inc. and to pay fees and expenses incurred in connection with the transactions described herein. In connection with the Bridge Credit Agreement and DenTek Acquisition, the Company and the Borrower entered into Amendment No. 5 (the ABL Amendment") to the ABL Credit Agreement, originally 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 ABL Credit Agreement"). The ABL Amendment temporarily suspends certain financial and related reporting covenants in the ABL Credit Agreement until the earliest of (i) the date that is 60 calendar days following February 4, 2016, (ii) the date upon which certain of DenTek's assets are included in the Company's borrowing base under the ABL Credit Agreement and (iii) the date upon which the Company receives net proceeds from an offering of debt securities of the Borrower or the Company.
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