By Aleesia Forni
New York, Dec. 1 – Roper Technologies Inc. detailed its $900 million sale of senior notes (Baa2/BBB) in an FWP filed with the Securities and Exchange Commission on Tuesday.
The new issue, which priced on Monday, included a $600 million tranche of 3% five-year notes sold at Treasuries plus 135 basis points. The notes sold at 99.962 to yield 3.008%.
Pricing was at the tight end of the Treasuries plus 140 bps area guidance. Initially, talk was in the 145 bps area over Treasuries.
Also, $300 million of 3.85% 10-year bonds sold at 99.834 to yield 3.87%, or Treasuries plus 165 bps.
Guidance was in the area of 170 bps over Treasuries. Initial talk was set in the area of Treasuries plus 185 bps.
BofA Merrill Lynch, J.P. Morgan Securities LLC, Wells Fargo Securities LLC and MUFG are the bookrunners.
Proceeds will be used to repay a senior unsecured revolving credit facility.
Roper Technologies is a Sarasota, Fla.-based diversified technology company.
| Issuer: | Roper Technologies Inc.
|
| Issue: | Senior notes
|
| Amount: | $900 million
|
| Bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC, Wells Fargo Securities LLC, MUFG
|
| Co-managers: | Barclays, Mizuho Securities USA Inc., SunTrust Robinson Humphrey Inc.
|
| Trade date: | Nov. 30
|
| Settlement date: | Dec. 7
|
| Change-of-control put: | 101%
|
| Ratings: | Moody’s: Baa2
|
| Standard & Poor’s: BBB
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
|
| Amount: | $600 million
|
| Maturity: | Dec. 15, 2020
|
| Coupon: | 3%
|
| Price: | 99.962
|
| Yield: | 3.008%
|
| Spread: | Treasuries plus 135 bps
|
| Price guidance: | Treasuries plus 140 bps area, tightened from Treasuries plus 145 bps area
|
| Make-whole call: | Treasuries plus 20 bps prior to Nov. 15, 2020, then callable at par
|
|
|
| 10-year notes
|
| Amount: | $300 million
|
| Maturity: | Dec. 15, 2025
|
| Coupon: | 3.85%
|
| Price: | 99.834
|
| Yield: | 3.87%
|
| Spread: | Treasuries plus 165 bps
|
| Price guidance: | Treasuries plus 170 bps area, tightened from Treasuries plus 185 bps area
|
| Make-whole call: | Treasuries plus 25 bps prior to Sept. 15, 2025, then callable at par
|
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