Watts Water gets $800 million revolver, extends facilities to 2022

By Sarah Lizee

Olympia, Wash., April 27 – Watts Water Technologies, Inc. amended and restated its credit agreement on Friday with JPMorgan Chase Bank, NA as administrative agent to provide for a $800 million senior unsecured revolver and to extend the maturity of the existing credit facility by one year to Feb. 12, 2022, according to an 8-K filing with the Securities and Exchange Commission.

The revolver has a sublimit of up to $100 million in letters of credit.

The revolver matures Feb. 12, 2022 and may be used for working capital and general corporate purposes, including the refinancing or repayment of existing debt from time to time.

Borrowings under the revolver bear interest at Libor plus 150 basis points to 210 bps, based on the company’s consolidated leverage ratio. The adjusted Libor rate is subject to a 1% floor.

The facility fee ranges from 25 bps to 40 bps, also based on the consolidated leverage ratio.

Interest is initially Libor plus 150 bps, and the facility fee is initially 25 bps.

JPMorgan, BofA Securities, Inc., KeyBanc Capital Markets Inc., Wells Fargo Securities, LLC and TD Securities (USA) LLC are the joint bookrunners and joint lead arrangers. PNC Bank, NA and U.S. Bank NA are the co-documentation agents. BofA, KeyBank NA, Wells Fargo and TD are the co-syndication agents.

Watts Water is a North Andover, Mass.-based plumbing equipment manufacturer.

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