Item 1.01 Entry into a Material Definitive Agreement.
On March 28, 2019, West Pharmaceutical Services, Inc. (“West” or the “Company”) established a new $300,000,000 senior unsecured revolving credit facility by entering into a Credit Agreement (the “New Credit Agreement”), dated as of March 28, 2019, among West, certain of its subsidiaries, the lenders party thereto from time-to-time, Bank of America, N.A., as Administrative Agent, Swing Line Lender and an Issuing Lender; Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo Securities, LLC, MUFG Bank, Ltd., and JPMorgan Chase Bank, N.A., as Joint Lead Arrangers and Joint Bookrunners, and Wells Fargo Bank, National Association, MUFG Bank, Ltd., and JPMorgan Chase Bank, N.A., as Co-Syndication Agents. Capitalized terms not defined herein shall have the meanings set forth in the New Credit Agreement.
A brief description of the terms and conditions of the New Credit Agreement material to West is contained in Item 2.03 of this report.
The New Credit Agreement replaced our existing $300,000,000 credit facility, dated as of October 15, 2015, among West, certain of its subsidiaries and the lenders party thereto from time-to-time (the “Terminated Credit Agreement”), which was terminated on March 28, 2019. A brief description of the terms and conditions of the Terminated Credit Agreement material to West is contained in Item 2.03 of the Company’s Form 8-K filed with the Securities and Exchange Commission on October 19, 2015, and is incorporated by reference into this report. The Company did not incur any early termination penalties in connection with the termination of the Terminated Credit Agreement. As of March 28, 2019, the Company had €21,016,333.33 and ¥500,388,892 outstanding under the Terminated Credit Agreement, which it repaid in full on March 28, 2019, in part with funds drawn under the New Credit Agreement in the amount of €21,000,000 and ¥500,000,000.