LIONVILLE, Pa., Feb. 28 /PRNewswire-FirstCall/ -- West Pharmaceutical Services, Inc. announced today that it has completed the planned prepayment of $100 million of 6.81% Notes due April 8, 2009. As previously announced, West will incur a first quarter 2006 pretax charge of approximately $6 million for costs incurred in connection with the prepayment.
In order to finance the prepayment, West issued new seven and ten year floating-rate notes in the amount of 81.5 million euro (approximately $100 million) and, separately, entered into interest rate swap agreements fixing the interest rates on the new notes at 4.215% for 20.4 million euro of seven year notes, and 4.38% for 61.1 million euro of ten year notes. In addition, the Company has amended the terms its $200 million revolving credit agreement, including an extension of the maturity date to February 27, 2011 and a reduction of the interest rate spreads applicable to amounts borrowed under the agreement.
The Company also announced that its Board of Directors has declared a dividend of $0.12 per share for the second quarter of 2006. The dividend will be paid on May 3, 2006 to shareholders of record on April 19, 2006.
About West Pharmaceutical Services, Inc.
West Pharmaceutical Services, Inc. is the world's premier manufacturer of components and systems for injectable drug delivery, including stoppers and seals for vials, and closures and disposable components used in syringe, IV and blood collection systems. The Company also provides products with application to the personal care, food and beverage markets. West's customers include the world's leading pharmaceutical, biotechnology, generic drug and medical device producers. Headquartered in Lionville, Pennsylvania, West Pharmaceutical Services supports its partners and customers from 50 locations throughout North America, South America, Europe, Mexico, Japan, Asia and Australia. For more information, visit West at http://www.westpharma.com/.
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