Mettler-Toledo ups revolver to $1.1 billion, amends maturity, pricing

By Marisa Wong

Morgantown, W.Va., June 21 – Mettler-Toledo International Inc. entered into an amendment on June 15 to its credit agreement dated Dec. 20, 2011 with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

Mettler-Toledo amended its revolving credit facility to increase the principal amount to $1.1 billion from $800 million.

Amounts outstanding are repayable in 2023. The maturity can be extended for one additional year at Mettler-Toledo’s request made on or before May 16, 2022.

Borrowings bear interest at Libor plus a margin based on the company’s consolidated leverage ratio ranging from 77.5 basis points to 115 bps. The interest rate is currently set at Libor plus 87.5 bps.

The facility fee ranges from 10 bps to 22.5 bps, also based on the consolidated leverage ratio. The facility fee is currently 12.5 bps.

The amended credit agreement requires the company to maintain a ratio of funded debt to consolidated EBITDA of 3.5 to 1.0 or less and an interest coverage ratio of 3.5 to 1.0 or greater.

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.