Watts Water Technologies, Inc. Enters Second Amended and Restated Credit Agreement
April 01, 2021 at 02:53 pm EDT
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On March 30, 2021, Watts Water Technologies, Inc. entered into a Second Amended and Restated Credit Agreement by and among the Company, certain subsidiaries of the Company, the lenders and other parties from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent (the “Amended Credit Agreement”). The Amended Credit Agreement amends and restates the prior Amended and Restated Credit Agreement, dated as of April 24, 2020 (the “Existing Credit Agreement”), by and among the Company, certain subsidiaries of the Company, the lenders and other parties from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent. The Amended Credit Agreement amends the Existing Credit Agreement to extend the maturity date of the $800 million senior unsecured revolving credit facility provided under the Existing Credit Agreement from February 12, 2022 to March 30, 2026. The Company’s Netherlands subsidiary, WWT International Holding B.V., has been added as a borrower under the Amended Credit Agreement in the place of Watts EMEA Holding B.V., which had been a borrower under the Existing Credit Agreement. Among other changes, the Amended Credit Agreement also increases the Company’s maximum consolidated leverage ratio (including both the base ratio and the ratio permitted during temporary step-ups following certain acquisitions), adjusts certain fees to reflect market conditions and reduces the 1.00% floor on the adjusted LIBOR rate to 0.00%.
Watts Water Technologies, Inc. is a supplier of products, solutions and systems that manage and conserve the flow of fluids and energy into, through and out of buildings. The Companyâs product lines include residential and commercial flow control products, such as backflow preventers, water pressure regulators, temperature and pressure relief valves, and leak detection products; heating, ventilation and air conditioning and gas products, which include water heaters and heating solutions, hydronic and electric heating systems for under-floor radiant applications, custom heat and hot water solutions and hydronic pump groups; drainage and water re-use products, which includes drainage and engineered rainwater harvesting solutions for commercial, industrial, marine and residential applications, and water quality products, such as point-of-use and point-of-entry water filtration and scale prevention systems. The Company also offers commercial washroom and emergency safety products.
WATTS WATER TECHNOLOGIES, INC. 
