Watts Water gets $500 million five-year revolver at Libor plus 105 bps

By Susanna Moon

Chicago, Feb. 24 - Watts Water Technologies, Inc. obtained a $500 million five-year senior unsecured revolving credit facility, which may be upsized by another $500 million.

Interest on the loans will initially be Libor plus 105 basis points, with a spread of Libor plus 97.5 bps to 145 bps, based on leverage.

The company entered into a credit agreement on Feb. 18 with J.P. Morgan Securities LLC, Bank of America Merrill Lynch, KeyBank NA and Wells Fargo Securities, LLC as the joint bookrunners and lead arrangers, according to an 8-K filing with the Securities and Exchange Commission.

JPMorgan Chase Bank, NA as administrative agent, swingline lender and letter of credit issuer. Bank of America, NA, KeyBank, NA and Wells Fargo Bank, NA are the co-syndication agents. And HSBC Bank USA, NA and RBS Citizens, NA are the co-documentation agents.

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

The agreement matures on Feb. 18, 2019.

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

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