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Waters restates revolver for $1.8 billion maturing in five years
By Wendy Van Sickle
Columbus, Ohio, Sept. 20 – Waters Corp. amended and restated on Friday its existing credit agreement with JPMorgan Chase Bank, NA as administrative agent to provide for a $1.8 billion five-year revolving facility, according to an 8-K filing with the Securities and Exchange Commission.
There is an accordion feature permitting Waters to add up to $200 million of revolving commitments or term loans in minimum amounts of $25 million.
Interest on borrowings will be Libor plus 80 basis points to 112.5 bps based on leverage or credit ratings. The facility fee ranges between 7.5 bps and 25 bps.
JPMorgan, BofA Securities, Citizens Bank, NA and HSBC Securities (USA) Inc. are the joint bookrunners and are joined as lead arrangers by DNB Markets, Inc., Huntington National Bank, KeyBank NA, MUFG Bank, Ltd., PNC Bank, NA, TD Securities (USA) LLC, Truist Securities, Inc. and U.S. Bank NA.
JPMorgan, Bank of America, NA, Citizens and HSBC Bank USA, NA are syndication agents.
The credit agreement requires an interest coverage ratio test of at least 3.5 times and a leverage ratio of no more than 3.5 times, both similar to that of the company’s previous credit agreement.
After closing a material acquisition, the company may increase the maximum leverage ratio to 4 times for the fiscal quarter in which the acquisition occurred and for three consecutive fiscal quarters afterward.
The revolver will mature Sept. 17, 2026.
The obligations under the credit agreement are unsecured and guaranteed by Waters’ domestic subsidiaries.
Waters is an analytical instrument manufacturer based in Milford, Mass.
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