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Xylem gets five-year revolving agreement for $1 billion
By Mary-Katherine Stinson
Lexington, Ky., March 2 – Xylem Inc. on March 1 entered a five-year senior revolving credit facility agreement for up to $1 billion which may be borrowed in dollars and euros, according to an 8-K filing with the Securities and Exchange Commission.
The agreement provides for increases up to $300 million which would bring the facility to a total of $1.3 billion.
Borrowings will bear interest at either SOFR or Euribor plus an applicable margin based on the company’s credit rating with a further adjustment depending on the company’s annual sustainability spread adjustment.
Interest, based on SOFR plus a 10 basis points credit spread adjustment, will range between 91 bps and 125 bps.
The facility fee will be between 9 bps and 25 bps.
The agreement requires the company to maintain a consolidated total debt to consolidated EBITDA ratio, which will be based on the last four fiscal quarters.
Xylem may designate subsidiaries as borrowers subject to certain requirements and conditions.
The agreement was provided by a syndicate of lenders including Citibank, NA, BNP Paribas Securities Corp., ING Bank NV, Dublin Branch, JPMorgan Chase Bank, NA and Wells Fargo Securities, LLC as lead arrangers and joint bookrunners.
Citibank, NA is administrative agent. JPMorgan Chase Bank, NA is syndication agent. ING Capital LLC is sustainability structuring agent and BNP Paribas and Wells Fargo Bank, NA are documentation agents.
There are no outstanding borrowings under the agreement at closing.
In connection with the new agreement, the company terminated its five-year revolving credit facility agreement dated March 5, 2019 with Citibank, NA as administrative agent which had provided a senior $800 million revolving facility.
The Washington, D.C.-based water technology company will use the proceeds for working capital and other general corporate purposes.
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