Billy Waters spent the second half of last season on loan at Cambridge United
Cheltenham have re-signed forward Billy Waters on loan from League Two rivals Northampton for the rest of the season.
The 24-year-old scored 11 goals in the 2015-16 campaign to help the Robins win the National League title.
Waters joined Northampton in June 2017 on a three-year deal and has scored two goals in 43 games for the Cobblers.
"I got a little bit of a buzz back in the stomach. There was other interest but when this one came up I just thought yes that's the one," he said.
Cheltenham are 18th in the table, a point and a place below Northampton.
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