...December 1, 2021 SAN FRANICISCO (S&P Global Ratings) Dec. 1, 2021--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. We expect the company to use the proceeds to fund a portion of the TheraBreath acquisition for $580 million. The company will fund the remainder of the purchase price with a committed term loan facility. Pro forma for the transaction, we estimate leverage will be in the low-2x area, despite expected continued cost headwinds, as compared with about 1.6x leverage for the 12 months ended Sept. 30, 2021. The ratings outlook remains stable. TheraBreath is a premium oral health brand (mainly alcohol-free mouthwash) that will complement Church & Dwight's oral care portfolio. The company is asset-light, has a high growth profile, and good EBITDA margin above 30%. We believe the acquisition is consistent with the company's ongoing tuck-in strategy and the pro forma leverage is within...
