Financing ·
West Pharma enters $950M credit facility, repays $130M existing debt
WSTWest Pharmaceutical Services Inc
West Pharmaceutical Services entered into a new five-year credit agreement providing for up to $750 million in revolving commitments and an initial $200 million term loan. The company used proceeds from the new borrowing to fully repay and terminate its existing 2019 Credit Agreement, which had $130 million outstanding. The facility includes provisions for letters of credit and swing line loans, with interest rates tied to SOFR or base rates plus applicable margins based on leverage ratios. West Pharmaceutical Services manufactures packaging and delivery systems for the pharmaceutical industry.