Waters lifts revolver commitments to $1.3 billion, extends until 2020

By Susanna Moon

Chicago, April 24 – Waters Corp. increased its revolving loan commitments to $1.3 billion and extended the maturity until April 23, 2020, according to an 8-K filed with the Securities and Exchange Commission.

Waters entered into the amended credit agreement Thursday with JPMorgan Chase Bank, NA as administrative agent and J.P. Morgan Europe Ltd. as London agent.

The revolving commitments were increased from $1.1 billion, and the maturity extended from June 25, 2018.

Interest on the loans is Libor plus 80 basis points to 117.5 bps, based on leverage, compared with 75 bps to 112.5 bps previously.

The facility fee now ranges from 7.5 bps to 20 bps, compared with 12.5 bps to 25 bps.

Proceeds will be used for general corporate purposes.

As of April 23, the total amount outstanding under the credit agreement prior to the amendment was about $1,012,000,000, of which $300 million was outstanding under the term loan facility, $710 million was outstanding under the revolving credit facility and $2 million was outstanding under the letter-of-credit facility. These amounts remain outstanding under the credit agreement.

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

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