By Lisa Kerner
Charlotte, N.C., July 1 – Waters Corp. issued $200 million of senior notes to institutional investors in a private placement on Monday.
The notes were issued as follows:
• $100 million of 3.4% notes, series F, due 2021;
• $50 million of 3.92% notes, series G, due 2024; and
• $50 million of floating-rate notes, series H, due 2024.
The series H notes bear interest at Libor plus 125 basis points, and interest is payable quarterly, according to an 8-K filing with the Securities and Exchange Commission.
Interest on the series F and series G notes is payable semiannually.
Waters may prepay some or all of the notes at any time in an amount not less than 10% of the total principal amount then outstanding, plus the applicable make-whole amount for the series F and series G notes and the applicable prepayment premium for the series H notes, the filing stated.
The company may not permit its interest coverage ratio as of the end of any fiscal quarter for any period of four consecutive fiscal quarters to be less than 3.5 to 1.0 or its leverage ratio as of the end of any fiscal quarter to exceed 3.5 to 1.0.
Proceeds will be used to repay debt and for general corporate purposes.
Waters is an analytical instrument manufacturer based in Milford, Mass.
| Issuer: | Waters Corp.
|
| Issue: | Senior notes
|
| Amount: | $200 million
|
| Settlement date: | June 30
|
| Distribution: | Private placement
|
|
|
| Series F notes
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| Amount: | $100 million
|
| Coupon: | 3.4%
|
| Maturity: | June 30, 2021
|
|
|
| Series G notes
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| Amount: | $50 million
|
| Coupon: | 3.92%
|
| Maturity: | June 30, 2024
|
|
|
| Series H notes
|
| Amount: | $50 million
|
| Coupon: | Libor plus 125 bps
|
| Maturity: | June 30, 2024
|
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