Watts Water Technologies Enters Material Definitive Agreement
Ticker: WTS · Form: 8-K · Filed: Jul 15, 2024 · CIK: 795403
Sentiment: neutral
Topics: material-definitive-agreement
Related Tickers: WTS
TL;DR
WTS just signed a big deal, details TBD.
AI Summary
On July 12, 2024, Watts Water Technologies, Inc. entered into a Material Definitive Agreement. The filing does not provide specific details on the agreement or any associated financial figures.
Why It Matters
This filing indicates a significant new contract or partnership for Watts Water Technologies, which could impact its future business operations and financial performance.
Risk Assessment
Risk Level: medium — The lack of specific details in the filing regarding the nature and financial implications of the material definitive agreement introduces uncertainty.
Key Players & Entities
- Watts Water Technologies, Inc. (company) — Registrant
- July 12, 2024 (date) — Date of earliest event reported
FAQ
What is the nature of the Material Definitive Agreement entered into by Watts Water Technologies?
The filing does not specify the nature of the Material Definitive Agreement.
What is the effective date of the Material Definitive Agreement?
The earliest event reported is July 12, 2024, which is the date of the report.
Are there any financial terms disclosed in relation to this agreement?
No financial terms or amounts are disclosed in this filing regarding the agreement.
Does this 8-K filing include any exhibits detailing the agreement?
The filing indicates 'Financial Statements and Exhibits' as an item information, but the specific exhibits are not detailed in the provided text.
What is the principal executive office address for Watts Water Technologies?
The principal executive offices are located at 815 Chestnut Street, North Andover, Massachusetts 01845.
Filing Stats: 823 words · 3 min read · ~3 pages · Grade level 10.4 · Accepted 2024-07-15 14:43:50
Key Financial Figures
- $0.10 — stered Class A Common Stock, par value $0.10 per share WTS New York Stock Exchan
- $800 million — ment to extend the maturity date of the $800 million senior unsecured revolving credit facil
- $400 million — 9, and to amend the expansion option to $400 million. The Amended Credit Agreement does not
Filing Documents
- wts-20240712x8k.htm (8-K) — 43KB
- wts-20240712xex10d1.htm (EX-10.1) — 1226KB
- wts-20240712xex10d2.htm (EX-10.2) — 111KB
- wts-20240712xex10d1001.jpg (GRAPHIC) — 4KB
- 0001558370-24-009815.txt ( ) — 1753KB
- wts-20240712.xsd (EX-101.SCH) — 3KB
- wts-20240712_lab.xml (EX-101.LAB) — 18KB
- wts-20240712_pre.xml (EX-101.PRE) — 13KB
- wts-20240712x8k_htm.xml (XML) — 5KB
01. Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement. On July 12, 2024, Watts Water Technologies, Inc. (the "Company") entered into a Third 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 (the "Amended Credit Agreement"). The Amended Credit Agreement amends and restates the prior Second Amended and Restated Credit Agreement, dated as of March 30, 2021 (as amended by that certain Amendment No. 1 dated August 2, 2022 and Amendment No. 2 dated December 12, 2023, the "Existing 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. The Amended Credit Agreement amends the Existing Credit Agreement to extend the maturity date of the $800 million senior unsecured revolving credit facility provided under the Existing Credit Agreement from March 30, 2026 to July 12, 2029, and to amend the expansion option to $400 million. The Amended Credit Agreement does not amend the benchmark spread or financial covenants under the Existing Credit Agreement. The foregoing description of the changes contained in the Amended Credit Agreement does not purport to be complete and is qualified in its entirety by reference to the Amended Credit Agreement filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference. The Company and certain subsidiaries of the Company also entered into a Third Amended and Restated Guaranty, dated as of July 12, 2024 (the "Amended Credit Guaranty"). Pursuant to the Amended Credit Guaranty, the domestic subsidiaries have guaranteed payment of the obligations of the Company and the foreign designated borrowers under the Amended Credit Agreement. The foregoing description of the Amended Credit Guaranty does not purport to
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits (d) Exhibits. Exhibit Number Description 10.1 Third Amended and Restated Credit Agreement, dated as of July 12, 2024, by and among Watts Water Technologies, Inc., the Subsidiary Borrowers, the Lenders party thereto, JP Morgan Chase Bank, N.A., as Administrative Agent, Bank of America N.A., HSBC Bank USA, National Association, TD Bank, N.A. and Wells Fargo Bank, National Association, as Co-Syndication Agents, and Citibank, N.A., PNC Bank, National Association, and U.S. Bank National Association, as Co-Documentation Agents. 10.2 Third Amended and Restated Guaranty, dated as of July 12, 2024, by Watts Water Technologies, Inc. and its subsidiaries set forth therein, in favor of JPMorgan Chase Bank, N.A. and the other lenders referred to therein. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: July 15, 2024 WATTS WATER TECHNOLOGIES, INC. By: /s/ Kenneth R. Lepage Kenneth R. Lepage General Counsel, Chief Sustainability Officer & Secretary