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Playtex Amends Agreement To Reduce Debt
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Business New Haven
6/10/2002
By: BNH
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WESTPORT ‹ Playtex Products Inc. (NYSE: PYX) has announced the completion of an amendment to its existing credit agreement that has resulted in a reduction in interest rates going forward. The company issued a new $450 million Term C loan that, together with $21.8 million in cash, fully repaid its $76 million Term A loan and its $395.8 million Term B loan. The Term C loan is priced at LIBOR plus 2.25 percent, replacing the Term A loan at LIBOR plus 2.75 percent and Term B loan at LIBOR plus 3 percent.
The company anticipates realizing interest savings of approximately $3.1 million over the next year. In the second quarter of this year the company will record a loss on early retirement of debt of $3.8 million after taxes related to the Term A and Term B loans. Earnings per share are expected to be accretive by approximately two cents in 2002 (before the loss) and three cents in 2003.
Playtex Products Inc. is a manufacturer and distributor of a diversified portfolio of personal care and consumer products, such as Woolite rug and upholstery cleaning products, Playtex Gloves, Binaca and Ogilvie.
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