Indicor revises price talk on $1.23 billion, €300 million term loans

By Sara Rosenberg

New York, Feb. 2 – Indicor (Roper Industrial Products Investment Co. LLC) reduced pricing on its $1,230,484,042 first-lien term loan due Nov. 22, 2029 (B1/B) to SOFR plus 475 basis points from SOFR plus 500 bps and revised original issue discount talk to a range of 95.5 to 96 from 94, according to a market source.

Also, price talk on the company’s €300 million first-lien term loan due Nov. 22, 2029 (B1/B) was changed to Euribor plus 500 bps from talk in the range of Euribor plus 500 bps to 525 bps, and the discount talk was modified to a range of 94.5 to 95 from 93, the source said.

Furthermore, some lender friendly revisions were made to documentation.

The U.S. term loan still has a 0.5% floor, the euro term loan still has a 0% floor and both term loans still have 101 soft call protection for one year.

UBS Investment Bank, BNP Paribas Securities Corp., RBC Capital Markets, BMO Capital Markets, Mizuho, Natixis, TD Securities and Santander are the arrangers on the deal, with UBS the left lead on the U.S. loan and BNP left on the euro loan.

Commitments for the U.S. term loan are due at noon ET on Friday, accelerated from 5 p.m. ET on Friday, and the commitment deadline for the euro term loan was unchanged at noon ET on Friday, the source added.

Allocations are expected on Monday.

The company’s credit facilities also include a $300 million revolver due Nov. 22, 2027 (B1/B) and a $475 million privately placed second-lien term loan due Nov. 22, 2030.

Proceeds were used to help fund Clayton, Dubilier & Rice LLC’s roughly $2.6 billion acquisition of a majority stake in the industrial products businesses of Roper Technologies Inc., rebranded as Indicor. The transaction closed on Nov. 22, 2022. Roper retained a 49% minority interest in Indicor.

Indicor is a provider of products and services within three primary product categories: material preparation and testing, sensors and controls, and flow control.

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