West Pharmaceutical Services, Inc. has announced the entry into a Third Amendment to the Credit Agreement which involved securing a new term loan of $130.0 million that matures on July 2, 2027. This sum, along with existing cash on hand, was used to repay approximately $80 million of an outstanding term loan and about $53 million of the company's 3.82% Series B Senior Notes due on July 5, 2024. The new loan has an interest rate based on secured overnight financing rate plus a margin, does not require amortization before maturity, and is subject to customary covenants and events of default provisions. The financial activities were signed by Bernard J. Birkett, Senior Vice President and Chief Financial Officer.
Names: - West Pharmaceutical Aservices, Inc. - Bank of America, N.A. - Bernard J. Birkett