Roper gets $3 billion three-year revolver at Libor plus 112.5 bps

By Sarah Lizee

Olympia, Wash., Sept. 3 – Roper Technologies, Inc. entered into a $3 billion three-year revolving credit facility on Wednesday with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

JPMorgan, BofA Securities, Inc. and Wells Fargo Securities, LLC are the lead arrangers and joint bookrunners. MUFG Bank, Ltd., Mizuho Bank, Ltd., PNC Bank, NA, Truist Bank and TD Bank, NA are the documentation agents. Bank of America, NA and Wells Fargo Bank, NA are the syndication agents.

The new revolver replaces the company’s existing $2.5 billion unsecured credit facility dated as of Sept. 23, 2016.

The new revolver includes availability of up to $150 million for letters of credit.

Revolving loans will be available in dollars, and letters of credit will be available in dollars and other currencies to be agreed.

The company may also request additional term loans or revolving credit commitments of up to $500 million.

Interest is Libor plus 112.5 basis points initially. The spread can range from 102.5 bps to 157.5 bps, based on the company’s senior unsecured long-term debt rating.

The facility fee ranges from 10 bps to 30 bps and is initially 12.5 bps, also based on ratings.

The company must maintain a total debt to total capital ratio of 0.65 to 1.00 or less.

On Thursday, the company borrowed $1.375 billion under the revolver in connection with the funding of the acquisition of Vertafore.

Roper Technologies is a Sarasota, Fla.-based diversified technology company.

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