Mettler-Toledo enters into $870 million revolving credit facility

By Jennifer Chiou

New York, Dec. 28 - Mettler-Toledo International Inc. and certain of its subsidiaries entered into on Dec. 20 an $870 million credit agreement with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Inc. were the joint lead arrangers and bookrunners.

The company terminated its old $950 million credit agreement dated Aug. 15, 2008 by drawing on the new revolver, according to court documents.

The five-year facility will bear interest initially at Libor plus 105 basis points until the agent's receipt of the company's quarterly financial statements for the second fiscal quarter ending after the closing date. Interest will be determined using Mettler-Toledo's then-applicable consolidated leverage ratio.

The filing added that Mettler-Toledo has to maintain an EBITDA ratio of less than 3.25 to 1.00 and an interest coverage ratio of more than 3.5 to 1.0.

Mettler-Toledo is a Columbus, Ohio-based supplier of precision instruments and services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.