Mettler-Toledo reduces revolving credit facility to $800 million

By Toni Weeks

San Luis Obispo, Calif., Dec. 2 - Mettler-Toledo amended its credit agreement on Nov. 26 with JPMorgan Chase Bank, NA as administrative agent, reducing commitments for its revolving credit facility to $800 million from $870 million, according to an 8-K filing with the Securities and Exchange Commission.

Borrowings bear interest at Libor plus 75 basis points until JPMorgan receives the quarterly financial statements for the first fiscal quarter ending after the closing date for the amended credit agreement. The actual margin may range from 75 bps to 132.5 bps. The company must also pay a facility fee of 12.5 bps, with potential increase to 30 bps. Both the margin over Libor and commitment fee is tied to the company's then-applicable consolidated leverage ratio.

The amended agreement requires Mettler-Toledo to maintain a ratio of funded debt to consolidated EBITDA of 3.5 times or less and an interest coverage ratio of 3.5 times or greater.

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

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