Waters enters agreement to lift revolver commitment to $900 million

By Jennifer Chiou

New York, Aug. 13 - Waters Corp. entered into on Aug. 9 an incremental commitment agreement with various lenders in order to increase the capacity under its revolving facility to $900 million from $700 million, according to a form 8-K filed with the Securities and Exchange Commission.

JPMorgan Chase Bank, NA acted as administrative agent with J.P. Morgan Europe Ltd. as the London agent.

The company's obligations under the credit agreement are guaranteed its domestic subsidiaries, the filing said. The agreement also provides for a five-year unsecured $300 million term loan facility.

Waters is permitted to request increases of up to $250 million on one or more occasions.

The facilities come due on July 28, 2016.

Borrowings bear interest at Libor plus 85 basis points to120 bps.

The credit agreement requires that the company comply with an interest coverage ratio test of not less than 3.50:1 and a leverage ratio test of not more than 3.25:1, in each case for any period of four consecutive fiscal quarters.

Waters is an analytical instrument manufacturer based in Milford, Mass.

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