By Lisa Kerner
Charlotte, N.C., May 13 – Waters Corp. sold three series of senior notes totaling $250 million, according to an 8-K filing with the Securities and Exchange Commission.
The notes will be issued as follows:
• $50 million of 3.13% notes, series I, due 2023;
• $40 million of floating-rate notes, series J, due 2024; and
• $160 million of 3.44% notes, series K, due 2026.
The series J notes bear interest at Libor plus 145 basis points.
Proceeds will be used to repay outstanding debt and for general corporate purposes.
Interest on the series I and K notes is payable semiannually.
Interest on the series J floating-rate notes is payable quarterly.
Waters may prepay some or all of the notes at any time in an amount not less than 10% of the total principal amount of the notes then outstanding plus a make-whole amount for series I and K notes and the applicable prepayment premium for series J notes in years one and two.
If a change in control occurs, the company may be required to prepay the notes at par.
Under the note purchase agreement, Waters is required to maintain an interest coverage ratio of no less than 3.5 to 1 and a leverage ratio of no more than 3.5 to 1.
Waters is an analytical instrument manufacturer based in Milford, Mass.
| Issuer: | Waters Corp.
|
| Issue: | Senior notes
|
| Amount: | $250 million
|
| Call option: | At any time in an amount not less than 10% of the total principal amount of the notes then outstanding plus a make-whole amount for series I and K notes and the applicable prepayment premium for series J notes in years one and two
|
| Settlement date: | May 12
|
| Distribution: | Private placement
|
|
|
| Series I
|
| Amount: | $50 million
|
| Coupon: | 3.13%, payable semiannually
|
| Maturity: | May 12, 2023
|
|
|
| Series J
|
| Amount: | $40 million
|
| Coupon: | Libor plus 145 bps, payable quarterly
|
| Maturity: | May 12, 2024
|
|
|
| Series K
|
| Amount: | $160 million
|
| Coupon: | 3.44%, payable semiannually
|
| Maturity: | May 12, 2026
|
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