Dover enters $1 billion five-year unsecured revolving facility

By Jennifer Chiou

New York, Nov. 10 - Dover Corp. entered into a $1 billion five-year unsecured revolving credit facility with a syndicate of 14 banks, replacing its similar existing credit facility that had one year remaining, according to an 8-K filing with the Securities and Exchange Commission.

JPMorgan Chase Bank, NA was the administrative agent.

Commitments may be increased by an additional up to $500 million during the term of the credit agreement.

The filing said the new facility has substantially the same terms as the prior facility and is intended to be used primarily as liquidity back-up for the company's commercial paper program.

The agreement will terminate on Nov. 10, 2016.

Borrowings will bear interest at Libor plus 56.5 basis points to 122.5 bps.

The company will pay a facility fee ranging from 6 bps to 15 bps based on ratings.

Dover must maintain a minimum interest coverage ratio of EBITDA to consolidated net interest expense of not less than 3 to 1, and the debt of the company's consolidated subsidiaries may not exceed a stated consolidated net worth percentage.

The manufacturer of industrial, engineering, fluid management and electronic technical components and equipment is based in Downers Grove, Ill.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.