NEW YORK (GenomeWeb News) – Waters has entered into a credit agreement totaling $1 billion, the company disclosed in a document filed with the US Securities and Exchange Commission.
The credit agreement, dated July 28, is for a five-year, unsecured $300 million term loan facility and a $700 million revolving facility, which includes both a letter of credit and a swingline subfacility, Waters said. The terms of the agreement allow Waters to request on one or more occasions that commitments be increased by an amount of at least $25 million up to an aggregate additional amount of $250 million.
JPMorgan Chase is administrative agent on the agreement and J.P. Morgan Europe is the London agent. Both the term loan facility and the revolving facilities mature on July 28, 2016, and require no scheduled prepayments before that date, Waters said.
The company also disclosed that on July 28, it borrowed $300 million under the term loan facility and $155 million under the revolving facility. Of the total $455 million borrowed, $435 million was used to repay the outstanding amounts under a previous credit agreement entered into in January 2007 with an original maturity date of Jan. 12, 2012.
That agreement was between Waters, Waters Technologies Ireland, certain financial institutions, JP Morgan Chase Bank as administrative agent, and J.P. Morgan Europe as the London agent. The agreement provided for a $500 million term loan facility, a $350 million revolving facility, which included both a letter of credit and a swingline subfacility, and a $250 million revolving facility available in US dollars and euros.