Triton Water Holdings sets March 8 lender call to launch $1.8B LBO term loan

A Morgan Stanley-led arranger group is preparing to launch the $1.8 billion term loan B that will back the buyout of Nestlé’s North American bottled water business by One Rock Capital Partners and Metropoulos & Co., according to sources. The deal will launch with a lender call that is scheduled for 11:30 a.m. ET on March 8.

The issuer is Triton Water Holdings Inc.

Debt financing for the acquisition also includes a $350 million asset-based loan facility, $750 million of other secured debt and $670 million of unsecured debt. The secured and unsecured debt financing will be led by Morgan Stanley and BofA Securities will lead the ABL.

One Rock and Metropoulos & Co. announced on Feb. 16 a definitive agreement to acquire Nestlé Waters North America Inc. Dean Metropoulos will become the company's chairman and interim CEO. The transaction is valued at $4.3 billion, according to Nestlé SA.

Based in Stamford, Conn., Nestlé Waters North America's brand portfolio includes Poland Spring Brand 100% Natural Spring Water, Deer Park Brand 100% Natural Spring Water, Ozarka Brand 100% Natural Spring Water, Ice Mountain Brand 100% Natural Spring Water, Zephyrhills Brand 100% Natural Spring Water and Arrowhead Brand Mountain Spring Water as well as Pure Life and Splash.