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Watts Water draws $200 million from revolver for Bradley acquisition
By William Gullotti
Buffalo, N.Y., Oct. 23 – Watts Water Technologies, Inc. borrowed $200 million under its second amended and restated credit agreement on Oct. 20 with JPMorgan Chase Bank, NA as administrative agent to partially finance the acquisition of Bradley Corp., according to an 8-K filing with the Securities and Exchange Commission.
Including the amount borrowed in connection with the acquisition, the company has used $310 million of credit under the revolver. The company has an additional $12.5 million of letters of credit outstanding under the agreement.
$447.5 million of the revolver remains unused and potentially available, subject to certain terms and conditions. An additional $500 million of term loans may also be issued, under certain circumstances and conditions.
On Monday, wholly owned subsidiary Watts Regulator Co. purchased all of the issued and outstanding units of membership interest of Bradley for a purchase price of $303 million, subject to customary adjustments at closing. Watts Regulator funded the acquisition through a combination of facility proceeds and cash on hand. According to the appended company press release, the net transaction value is approximately $268 million after adjusting for the estimated net present value of expected tax benefits of approximately $35 million.
Bradley is a provider and manufacturer of commercial washroom and emergency safety products serving commercial (primarily institutional) and industrial end markets, with annual net sales of approximately $200 million.
Watts Water is a North Andover, Mass.-based plumbing equipment manufacturer.
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