Waters obtains $300 million term loan, $1.1 billion revolving facility

By Jennifer Chiou

New York, June 26 - Waters Corp. entered into a credit agreement providing for a $300 million five-year unsecured term loan facility and a $1.1 billion revolving facility, which includes both a letter of credit and a swingline subfacility, according to an 8-K filed with the Securities and Exchange Commission.

JPMorgan Chase Bank, NA is the administrative agent with J.P. Morgan Europe Ltd. as the London agent.

The filing stated that commitments may be increased in increments of no less than $25 million, up to an aggregate additional amount of $200 million.

On June 25, Waters borrowed $300 million under the term loan facility and $560 million under the revolver. It used the proceeds to repay the outstanding amounts under its previous credit agreement dated July 28, 2011.

Borrowings bear interest at Libor plus 75 basis points to 112.5 bps. There is a facility fee of between 12.5 bps to 25 bps.

The 8-K added that Waters must comply with an interest coverage ratio test of not less than 3.50:1 at the end of any fiscal quarter for any period of four consecutive fiscal quarters and a leverage ratio test of no more than 3.50:1 at the end of any fiscal quarter.

Waters is an analytical instrument manufacturer based in Milford, Mass.

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