Indicor cuts spread on $1.23 billion term loan to SOFR plus 450 bps

By Sara Rosenberg

New York, Feb. 3 – Indicor (Roper Industrial Products Investment Co. LLC) lowered pricing on its $1,230,484,042 first-lien term loan (B1/B) due Nov. 22, 2029 to SOFR plus 450 basis points from revised talk of SOFR plus 475 bps and initial talk of SOFR plus 500 bps, according to a market source.

Also, the original issue discount on the U.S. term loan was changed to 96.5 from revised talk in the range of 95.5 to 96 and initial talk of 94, the source said.

The U.S. term loan still has a 0.5% floor.

In addition, the company finalized the original issue discount on its €300 million first-lien term loan (B1/B) due Nov. 22, 2029 at 95, the tight end of revised talk of 94.5 to 95 and tighter than initial talk of 93.

Pricing on the euro term loan remained at Euribor plus 500 bps with a 0% floor.

Both term loans still have 101 soft call protection for one year.

Previously in syndication, the spread on the euro term loan firmed at the low end of the Euribor plus 500 bps to 525 bps talk and some lender friendly revisions were made to documentation.

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.

Recommitments for the U.S. term loan were scheduled to be due at 5 p.m. 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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