Waters amends credit agreement, keeps $1.8 billion revolver, drops $200 million term loan
Waters Corporation amended and restated its credit agreement on May 22, 2025, removing a $200 million term loan and keeping its $1.8 billion senior unsecured revolving credit facility. The revolver now matures on May 22, 2030, with an accordion feature that could lift total commitments to $2.55 billion, which gives the company flexibility for acquisitions, debt repayment and share repurchases.
Key points
- Existing $200 million term loan facility removed; $1.8 billion revolving facility retained
- Revolver matures May 22, 2030, with a possible one-year extension at lender discretion
- Incremental commitments up to $750 million allowed, capped at $2.55 billion total
- Leverage covenant maximum of 3.50 to 1.00, rising to 4.25 to 1.00 after a material acquisition of $500 million or more in cash
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:30 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 29, 2025.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.