...CHICAGO (S&P Global Ratings) July 20, 2017--S&P Global Ratings today assigned its '###+' issue-level rating to Ewing, N.J.-based Church & Dwight Co. Inc.'s proposed senior unsecured notes issuance. The offering will be drawn off Church & Dwight's shelf registration statement dated Dec. 4, 2014. We expect the company to use the proceeds to finance the acquisition of Water Pik Inc., reduce commercial paper indebtedness, and repay its $200 million term loan due in 2018. Pro forma for the transaction, we estimate leverage of about 2.5x. Our ratings on Church & Dwight incorporate the company's portfolio of well-recognized, market-leading household and personal care brands, with a good mix of value and premium products. We believe the company's history of strong and consistent profitability and successful acquisitions will continue. At the same time, the company also has meaningful customer concentration with Wal-Mart Stores Inc. and participates in intensely competitive subsegments of the personal...
