VWR converts $500 million of floating-rate debt to fixed rate

By Marisa Wong

Morgantown, W.Va., April 19 – VWR Corp.’s subsidiary, VWR Funding, Inc., entered into two interest rate swap agreements on April 13 to manage its exposure to fluctuations in variable interest rates, according to an 8-K filing with the Securities and Exchange Commission.

The swap transaction is for an aggregate notional amount of $500 million with forward start dates of April 29 and Sept. 30 and a termination date of Sept. 28, 2020.

In connection with the swap transaction, the company effectively converted $500 million of its outstanding debt from a floating rate of Libor plus an applicable margin of 200 basis points to a weighted average fixed interest rate of 1.01% plus an applicable margin of 200 bps.

VWR is a Radnor, Pa.-based provider of products, services and solutions to laboratory and production facilities.

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