IRVINGTON, N.Y.--(BUSINESS WIRE)--Jan. 31, 2012--
Prestige Brands Holdings, Inc. (NYSE-PBH) today announced that it has
completed its previously announced purchase of fifteen of the seventeen
brands it agreed to acquire from GlaxoSmithKline (GSK).
The transaction was finalized under the original terms of the agreement
announced on December 20, 2011, which called for Prestige to pay $615
million in cash at closing plus a customary post-closing inventory
adjustment. The purchase of the remaining two brands is expected to be
completed during the first half of the year.
Prestige Brands financed the purchase price for the transaction by
issuing $250 million of senior notes and entering into a $660 million
term loan. The proceeds from the financing were also used to refinance
Prestige’s existing senior secured credit facility and pay for related
one-time transaction expenses.
Sewaya Segalas & Company, Inc. LLC acted as exclusive financial advisor
to Prestige Brands in these transactions.
Prestige Brands markets and distributes brand name over-the-counter and
household cleaning products throughout the U.S., Canada, and in certain
international markets. Prior to the acquisition of the fifteen brands
from GSK, the Company’s core brands included Chloraseptic® sore throat
treatments, Clear Eyes® eye care products, Compound W® wart removers,
The Doctors®NightGuard® dental protector, the Little Remedies® and
PediaCare® lines of pediatric over-the-counter products, Efferdent®
denture care products, Luden’s® throat drops, Dramamine® motion sickness
treatment, and Comet® household cleansers.
Source: Prestige Brands Holdings, Inc.
Prestige Brands Holdings, Inc.
Dean Siegal, 914-524-6819