WATTS WATER TECHNOLOGIES INC (WTS): debt financing — Watts Water completes $303M acquisition of Bradley Corporation, borrows $210M

WATTS WATER TECHNOLOGIES INC

Acquired Bradley for $303M (subject to adjustments); net ~$268M after estimated tax benefits of ~$35M.
Funded via $210M draw on revolving credit facility plus cash on hand; total revolver usage $310M.
Bradley has annual net sales of ~$200M, specializing in commercial washroom and emergency safety products.
CEO Pagano cited 250+ years combined experience; further details on Q3 earnings call Nov 2, 2023.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

WATTS WATER TECHNOLOGIES INC incurred revolving credit of borrowed $210 million with JPMorgan Chase Bank, N.A., as administrative agent.

Instrument: revolving credit
Principal: borrowed $210 million
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent
Event: incurrence

Exact text from the filing

On October 20, 2023, Watts Water Technologies, Inc. (the “Company”) borrowed $210 million under that certain 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

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WATTS WATER TECHNOLOGIES INC filing history →

Source: SEC EDGAR

accession 0001558370-23-016608

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