West enters $130M incremental term loan to refinance existing debt and notes

WEST PHARMACEUTICAL SERVICES INC

On July 2, 2024, West Pharmaceutical Services entered a Third Amendment to its Credit Agreement, establishing a $130.0 million incremental term loan.
The new term loan was fully drawn at closing and matures on July 2, 2027, with no scheduled amortization.
Proceeds repaid an outstanding ~$80 million term loan and ~$53 million of 3.82% Series B Senior Notes due July 5, 2024.
Interest at closing is 3-month SOFR plus 1.250%, with margins ranging from 1.250% to 1.625% based on net leverage ratio.
Mandatory prepayments apply for asset sales and non-permitted debt issuances; optional prepayments are allowed.

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