AQUA - Evoqua Water Technologies launches credit facilities refinancing

Evoqua Water Technologies ([[AQUA]] -1.6%) announced the refinancing of the company's credit facilities on Apr. 1, 2021.Wholly-owned subsidiaries of the company entered into a credit agreement, which provides for a $475M term loan maturing on Apr. 1, 2028 and a revolving credit facility of up to $350M maturing on Apr. 1, 2026, and a receivables financing agreement, which provides for a receivables finance facility of up to $150M maturing on Apr. 1, 2024.Net proceeds along with cash on hand will be used to repay all outstanding indebtedness under the company's earlier credit facilities, in principal amount of ~$815M.The reduction of ~$340M to the first lien term loan outstanding under the previous credit facilities was funded by draws on the new revolving credit facility, the new receivables finance facility and $100M of cash on hand.Besides extending maturities, Evoqua reduced the weighted average cash borrowing cost by ~0.50% from Dec.31, 2020 level.

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Evoqua Water Technologies launches credit facilities refinancing