KIK Custom Products Inc. is in the market with a $775 million term loan B due December 2026 as part of a dividend recapitalization, according to sources. Lead arranger Barclays has scheduled a lender call for today at 1 p.m. ET and commitments are due at noon ET on Thursday, Dec. 17.

Price talk is not yet announced but note that the six-year term loan B will have six months of 101 soft call protection. Note that change-of-control terms will be subject to portability conditions.

Proceeds from the term loan, along with $600 million of other secured debt and $525 million of unsecured debt, will be used to refinance the issuer's existing term loans and senior notes and to fund a shareholder distribution.

Kronos Acquisition Holdings Inc. is the borrower and KIK Custom Products Inc. is the co-borrower.

KIK Custom Products, backed by Centerbridge Partners, manufactures and distributes household cleaning, pool sanitation and automotive performance chemicals. Current corporate ratings are B-/B3, with stable outlooks.