Watts Water restates $800 million revolver, now due to mature in 2026

By Wendy Van Sickle

Columbus, Ohio, April 1 – Watts Water Technologies, Inc. amended and restated its credit agreement on Tuesday with JPMorgan Chase Bank, NA as administrative agent to provide for an $800 million amended and restated senior unsecured revolver with the maturity extended to March 30, 2026, according to an 8-K filing with the Securities and Exchange Commission.

The previous maturity date had been Feb. 12, 2022.

The amended credit agreement also increases the company’s maximum consolidated leverage ratio, adjusts certain fees and reduces the Libor floor to 0% from 1%.

Borrowings under the revolver bear interest at Libor plus 107.5 basis points to 132.5 bps, based on the company’s consolidated leverage ratio.

The facility fee ranges from 17.5 bps to 30 bps, also based on the consolidated leverage ratio.

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

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, HSBC Bank USA, NA, HSBC Bank Canada 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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