Processing Your Payment

Please do not leave this page until complete. This can take a few moments.

April 10, 2020

Shaving, personal care giant enters new credit agreement

PHOTO | New Haven BIZ Edgewell Personal Care Co. offices in Shelton.
By Michelle Tuccitto Sullo

Edgewell Personal Care Co., which makes Schick and Wilkinson Sword razors and other personal-care products, announced it has entered into an agreement that will provide it with a new $425 million secured credit facility.

The Shelton-based company indicated the agreement is subject to closing conditions. Once finalized, the new credit facility will replace an existing one set to mature at the end of June.

Rod Little, Edgewell's president and chief executive officer, indicated in an announcement that this new agreement will help bolster the company’s capital structure. 

“We appreciate the support of our lenders, who recognize the underlying strength and resiliency of our business," Little said. 

According to Little, the new financing agreement provides the company with “additional financial flexibility” while it navigates the uncertainties of the current market environment. 

The new credit facility, expandable under an accordion feature, will provide for a five-year revolving line of credit, according to the company, which indicated it plans to use the proceeds for general corporate purposes.

The company indicated that its manufacturing and distribution facilities have been fully operational during the ongoing coronavirus pandemic, and it has instituted health and safety protocols to protect workers.

"While we continue to ensure that our products remain available to consumers across the world, the safety and well-being of our employees in the face of the COVID-19 crisis is our main priority,” Little said. “We are confident that our products will remain available to consumers across the world as we all manage through this pandemic."

Edgewell, headquartered on Research Drive in Shelton, has operations in Milford and worldwide. In addition to its razors, Edgewell is also the company behind Edge and Skintimate shaving preparations; Wet Ones moist wipes; feminine products under the Playtex, Stayfree, Carefree and o.b. brands;  and sun protection products, including Hawaiian Tropic, Bulldog and Jack Black.

Earlier this year, Edgewell abandoned its plans to acquire shaving competitor Harry’s Inc. The $1.37 billion deal fell through after the U.S. Federal Trade Commission filed litigation to block the acquisition.

As of Friday morning, Edgewell’s stock (EPC) was trading at $27.62. In the past 12 months, it reached a high of $44.93 and low of $20.51.

Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com.

Sign up for Enews

Most Recent

Most Recent

0 Comments

Order a PDF