By Andrea Heisinger
New York, Aug. 26 - Roper Industries, Inc. priced an upsized $500 million 6.25% 10-year senior unsecured notes Wednesday to yield Treasuries plus 280 basis points, an informed source said.
The size was originally $350 million. The notes were sold at the tight end of talk, which was in the 285 bps area with a margin of plus or minus 5 bps, the source said. Books totaled $3 billion.
The notes (Baa3/BBB-/) priced at 99.978 to yield 6.253%. The notes have a make-whole call at Treasuries plus 45 bps and feature a change-of-control put of 101%.
Bookrunners were Bank of America Merrill Lynch, J.P. Morgan Securities Inc. and Wells Fargo Securities. Senior co-managers were Mitsubishi UFJ Securities and SunTrust Robinson Humphrey.
Proceeds will be used for general corporate purposes and to repay amounts borrowed under a term loan and revolving credit facility.
The diversified industrial technology company is based in Sarasota, Fla.
| Issuer: | Roper Industries, Inc.
|
| Issue: | Senior unsecured notes
|
| Amount: | $500 million, increased from $350 million
|
| Maturity: | Sept. 1, 2019
|
| Bookrunners: | Bank of America Merrill Lynch, J.P. Morgan Securities Inc., Wells Fargo Securities
|
| Senior co-managers: | Mitsubishi UFJ Securities, SunTrust Robinson Humphrey Inc.
|
| Coupon: | 6.25%
|
| Price: | 99.978
|
| Yield: | 6.253%
|
| Spread: | Treasuries plus 280 bps
|
| Call: | Make-whole at Treasuries plus 45 bps
|
| Change-of-control put: | 101%
|
| Trade date: | Aug. 26
|
| Settlement date: | Sept. 2
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
| Price talk: | 285 bps area, plus or minus 5 bps
|
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