By Andrea Heisinger
New York, Nov. 15 - Roper Industries, Inc. priced $900 million of senior notes (Baa2/BBB/) in two maturities, according to an FWP filing with the Securities and Exchange Commission on Thursday.
A $400 million tranche of 1.85% five-year notes sold at 99.91 to yield 1.869% with a spread of Treasuries plus 125 basis points. There is a make-whole call at Treasuries plus 20 bps.
There was also $500 million of 3.125% 10-year notes priced at 99.924 to yield 3.134% with a spread of 155 bps over Treasuries. The tranche has a make-whole call at 25 bps over Treasuries until Aug. 15, 2022 and a par call after that date.
The notes feature a change-of-control put at 101%.
Bank of America Merrill Lynch, J.P. Morgan Securities LLC and Wells Fargo Securities LLC were the bookrunners
Proceeds will be used to repay amounts outstanding under a $1.5 billion five-year revolving credit facility and for general corporate purposes.
Roper was last in the market with a $500 million sale of 6.25% 10-year notes priced at 280 bps over Treasuries on Aug. 26, 2009.
The diversified industrial technology company is based in Sarasota, Fla.
| Issuer: | Roper Industries, Inc.
|
| Issue: | Senior notes
|
| Amount: | $900 million
|
| Bookrunners: | Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Wells Fargo Securities LLC
|
| Co-managers: | Barclays, Mitsubishi UFJ Securities (USA), Inc., Mizuho Securities USA Inc., SunTrust Robinson Humphrey, Inc.
|
| Change-of-control put: | 101%
|
| Distribution: | SEC registered
|
| Trade date: | Nov. 15
|
| Settlement date: | Nov. 21
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
|
|
| Five-year notes
|
| Amount: | $400 million
|
| Maturity: | Nov. 15, 2017
|
| Coupon: | 1.85%
|
| Price: | 99.91
|
| Yield: | 1.869%
|
| Spread: | Treasuries plus 125 bps
|
| Call: | Make-whole at Treasuries plus 20 bps
|
|
|
| 10-year notes
|
| Amount: | $500 million
|
| Maturity: | Nov. 15, 2022
|
| Coupon: | 3.125%
|
| Price: | 99.924
|
| Yield: | 3.134%
|
| Spread: | Treasuries plus 155 bps
|
| Call: | Make-whole at Treasuries plus 25 bps to Aug. 15, 2022, par call after
|
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