West Pharmaceutical Services, Inc. filed a Form 8-K on October 26, 2026, disclosing the termination of its 2019 credit agreement and the simultaneous entry into a new credit agreement providing up to $750 million in revolving credit and $200 million in term loans.

Key Highlights

  • Old facility terminated: The 2019 Credit Agreement, originally dated March 28, 2019, was terminated on October 26, 2026, with $130.0 million in aggregate principal repaid in full on that date.
  • No early termination penalties: According to the filing, the company did not incur any early termination penalties in connection with the termination of the Existing Credit Agreement.
  • Revolving credit facility: The New Credit Agreement provides revolving advances up to an aggregate principal amount of $750 million at any one time outstanding.
  • Term loan: A term loan advance of $200 million was made on the effective date, with quarterly amortization payments ranging from $1.25 million to $2.5 million per quarter starting March 31, 2028.
  • Five-year term: The New Credit Agreement has a five-year term from October 26, 2026, subject to certain extension mechanics for the revolving credit facility.
  • Net Leverage Ratio covenant: The agreement limits the Net Leverage Ratio to not more than 3.50 to 1.0, or 4.00 to 1.0 during material acquisition periods, subject to certain limitations.
  • Administrative agent: Bank of America, N.A. serves as administrative agent, swing line lender, and an issuing lender under the New Credit Agreement.

West Pharmaceutical Services Enters New Unsecured Credit Agreement on October 26, 2026

West Pharmaceutical Services, Inc. (NYSE:WST), headquartered in Exton, Pennsylvania, disclosed in an 8-K filed October 26, 2026, that it entered into a new credit agreement on that date while simultaneously retiring its prior facility. According to the filing, the company used a portion of proceeds from the new borrowings to prepay the $130.0 million then outstanding under the 2019 Credit Agreement, which was then terminated along with its associated loan documents.

The New Credit Agreement, as described in the filing, includes a revolving credit facility of up to $750 million and a $200 million term loan facility. The filing states that letters of credit are available up to $50 million in aggregate and swing line loans up to $90 million in aggregate, with both sublimits falling within the revolving facility's aggregate commitments. Revolving advances are available in U.S. dollars, Euros, Yen, Singapore dollars, and other approved currencies. Interest on U.S. dollar revolving advances accrues, at the company's option, at a term SOFR rate or a base rate, plus an applicable margin. The applicable margin for term SOFR revolving advances ranges from 1.000% to 1.500%, and for base rate revolving advances from 0.000% to 0.500%, each based on the company's Net Leverage Ratio.

The filing states that borrowings under the New Credit Agreement are unsecured and that, as of the effective date, there are no subsidiary guarantors. The company disclosed it intends to use proceeds for working capital, capital expenditures, general corporate purposes, permitted acquisitions, repurchases of capital stock, and repayment of indebtedness. The agreement includes customary representations, warranties, covenants, and events of default, including a change of control event of default and limitations on liens, dispositions, and transactions with affiliates.

What Was Disclosed

West Pharmaceutical Services disclosed the October 26, 2026 termination of its 2019 Credit Agreement, with $130.0 million repaid in full, and entry into a new five-year unsecured credit agreement providing $750 million in revolving capacity and a $200 million term loan, administered by Bank of America, N.A.