New Issue: Dover prices $300 million 2.95% 10-year senior notes at 115 bps over Treasuries

By Devika Patel

Knoxville, Tenn., Oct. 28 – Dover Corp. priced $300 million of 2.95% 10-year senior notes (Baa1/BBB+) on Monday, according to an FWP filed with the Securities and Exchange Commission.

The notes priced at 99.579 to yield 2.999% with a spread of Treasuries plus 115 bps.

Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, BofA Securities, Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and HSBC Securities (USA) Inc. were the bookrunners.

Proceeds will be used along with a €500 million sale of 0.75% notes to redeem the company’s $450 million of 4.3% notes due 2021 and €300 million of 2.125% notes due 2020.

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

Issuer:	Dover Corp.
Amount:	$300 million
Description:	Senior notes
Maturity:	Nov. 4, 2029
Bookrunners:	Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, BofA Securities, Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and HSBC Securities (USA) Inc.
Co-managers:	ING Financial Markets LLC, Mizuho Securities USA Inc., Scotia Capital (USA) Inc., Skandinaviska Enskilda Banken AB (publ), U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC
Coupon:	2.95%
Price:	99.579
Yield:	2.999%
Spread:	Treasuries plus 115 bps
Call feature:	Make-whole call at Treasuries plus 20 bps until Aug. 4, 2029, then a par call
Trade date:	Oct. 28
Settlement date:	Nov. 4
Ratings:	Moody’s: Baa1
	S&P: BBB+
Distribution:	SEC registered

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