By Wendy Van Sickle
Columbus, Ohio, May 11 – Waters Corp. sold two series of senior notes totaling $100 million, according to an 8-K filing with the Securities and Exchange Commission.
The notes include $50 million of 4.91% series P notes due May 11, 2028 and $50 million of 4.91% series Q notes due May 11, 2030.
Proceeds will be used to repay outstanding debt and for general corporate purposes.
The company may prepay some or all of the senior notes at any time in an amount not less than 10% of the total principal amount of the senior notes then outstanding, plus the applicable make-whole amount.
In the event of a change in control, the company may be required to prepay the senior notes at par plus accrued interest.
The company is subject to covenants that require it to maintain financial ratios, including an interest coverage ratio as of the end of each fiscal quarter and calculated for the period of the four consecutive preceding fiscal quarters of no less than 3.5 to 1 and a leverage ratio as of the end of each fiscal quarter of no more than 3.5 to 1. Following the completion of a material acquisition of $400 million or more, the company may elect to increase the maximum leverage ratio to 4 to 1.
Waters is an analytical instrument manufacturer based in Milford, Mass.
| Issuer: | Waters Corp.
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| Amount: | $100 million
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| Issue: | Senior notes
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| Call option: | At any time in an amount not less than 10% of the total principal amount then outstanding plus the applicable make-whole amount
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| Settlement date: | May 11
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| Distribution: | Private placement
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| Series P
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| Amount: | $50 million
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| Maturity: | May 11, 2028
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| Coupon: | 4.91%, payable semiannually
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| Series Q
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| Amount: | $50 million
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| Maturity: | May 11, 2030
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| Coupon: | 4.91%, payable semiannually
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