Form 8-K · Current report
West Pharmaceutical Services 8-K, filed Oct 26, 2026
- Filed
- CIK
- 0000105770
- Accession no.
- 0000105770-26-000114
Summary
West Pharmaceutical Services entered a new five-year credit agreement with Bank of America as administrative agent, providing a $750 million revolving facility and a $200 million term loan, and used part of the proceeds to repay the $130 million outstanding under its 2019 credit agreement, which it terminated without early termination penalties. Borrowings are unsecured and priced off term SOFR or base rates plus a margin tied to the company's net leverage ratio, with a covenant capping that ratio at 3.50 to 1.0 (4.00 to 1.0 during material acquisitions).
Key points
- The new agreement provides a $750 million revolver, a $200 million term loan advanced on the effective date, up to $50 million in letters of credit and up to $90 million in swing line loans.
- The term loan has quarterly amortization payments starting March 31, 2028, ranging from $1.25 million to $2.5 million per quarter, with the balance due at maturity.
- Proceeds are designated for working capital, capital expenditures, general corporate purposes including permitted acquisitions and share repurchases, and repayment of indebtedness.
- Borrowings are available in U.S. dollars, Euros, Yen and Singapore dollars, with interest at term SOFR, base rate, EURIBOR, TIBOR or SONIA plus an applicable margin.
Written by an AI model from the filing text. It can be incomplete or wrong; the filing on SEC.gov is the record.
Items reported
- 1.01Entry into a Material Definitive Agreement
- 1.02Termination of a Material Definitive Agreement
- 2.03Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
- 9.01Financial Statements and Exhibits
From the filing
Item 1.01 Entry Into a Material Definitive Agreement. The information contained in Item 2.03 below is incorporated herein by reference. Item 1.02 Termination of a Material Definitive Agreement. 2019 Credit Agreement On October 26, 2026 (the “Effective Date”), West Pharmaceutical Services, Inc., a Pennsylvania corporation (the “Company”), (i) used a portion of the proceeds from borrowings under the New Credit Agreement (as defined and described in Item 2.03 below) to prepay the amounts outstanding under that certain Credit Agreement, dated as of March 28, 2019 (as amended, restated, extended, supplemented or otherwise modified from time to time prior to the Effective Date, the “Existing…
An excerpt of the text as filed with the SEC, cut for length.
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