Watts Water uses $230 million draw on revolver to repay notes

By Angela McDaniels

Tacoma, Wash., May 4 – Watts Water Technologies, Inc. borrowed $230 million under its revolving credit facility on April 28 and used the draw to pay off its $225 million of 5.85% senior notes due April 30, 2016, according to an 8-K filing with the Securities and Exchange Commission.

As of April 28, the company had borrowed the full amount of the $300 million term loan available under the credit agreement and $230 million of the revolving credit available under the credit agreement. About $245 million remains available under the revolver.

The term loan bears interest at Libor plus a margin that ranges from 112.5 basis points to 175 bps, depending on the company’s consolidated leverage ratio.

Borrowings outstanding under the revolver bear interest at Libor plus a margin that ranges from 97.5 bps to 145 bps.

JPMorgan Chase Bank, NA is the administrative agent.

Watts Water is a North Andover, Mass.-based plumbing equipment manufacturer.

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