West Pharma rises after refinancing credit facilities
WST•West Pharmaceutical Services shares rose 3.4% in extended trading after the company repaid the remaining $130 million under its 2019 credit agreement and entered a new five-year agreement with a $750 million revolving facility and a $200 million term loan.
1. New credit agreement
West Pharmaceutical Services terminated its 2019 credit agreement after repaying the remaining $130 million outstanding, a regulatory filing showed. Its new five-year financing agreement includes a $750 million revolving credit facility and a $200 million term loan. The company said the new facility provides flexibility for working capital, capital spending, acquisitions and other corporate purposes, and that the old agreement had no early repayment penalties.
