DOVER Corp (DOV): debt financing — Dover enters $1B five-year and $500M 364-day credit facilities, replaces prior $1B facility

DOVER Corp

$1B five-year unsecured revolving credit facility entered April 6, 2023, maturing April 6, 2028, replaces similar 2019 facility.
$500M 364-day revolving credit facility also entered, with optional one-year extension to April 2025.
Facilities support commercial paper program and general corporate purposes; borrowings available in USD, EUR, GBP, CAD, SEK.
Interest margins on Term SOFR range 0.805%-1.20% for five-year facility, based on Dover's credit ratings.
Covenants include minimum interest coverage ratio of 3.00:1.00; no borrowing subsidiaries designated as of date.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.98

DOVER Corp incurred revolving credit of $1 billion with JPMorgan Chase Bank, N.A. as Administrative Agent at applicable margin ranging from 0.805% to 1.20% over SOFR or alternate base rate maturing April 6, 2028.

Instrument: revolving credit
Principal: $1 billion
Counterparty: JPMorgan Chase Bank, N.A. as Administrative Agent
Rate: applicable margin ranging from 0.805% to 1.20% over SOFR or alternate base rate
Maturity: April 6, 2028
Event: incurrence

Exact text from the filing

Replacing a similar existing credit facility with a remaining term of one year, on April 6, 2023, Dover Corporation (the “Company”) entered into a $1 billion five-year unsecured revolving credit facility with a syndicate of twelve banks (the “Lenders”), pursuant to a Credit Agreement dated as of April 6, 2023 (the “Five-Year Credit Agreement”) among the Company, the Lenders, the Issuing Banks party thereto, the Borrowing Subsidiaries party thereto from time to time and JPMorgan Chase Bank, N.A. as Administrative Agent (the “Agent”).

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.98

DOVER Corp incurred revolving credit of $500 million with JPMorgan Chase Bank, N.A. as Administrative Agent at applicable margin ranging from 0.825% to 1.250% over SOFR or alternate base rate maturing April 4, 2024 (with a one-year Term-Out Option to April 4, 2025).

Instrument: revolving credit
Principal: $500 million
Counterparty: JPMorgan Chase Bank, N.A. as Administrative Agent
Rate: applicable margin ranging from 0.825% to 1.250% over SOFR or alternate base rate
Maturity: April 4, 2024 (with a one-year Term-Out Option to April 4, 2025)
Event: incurrence

Exact text from the filing

On April 6, 2023 the Company also entered into a $500 million 364-day revolving credit facility with the same syndicate of Lenders, pursuant to a 364-Day Revolving Credit Agreement dated as of April 6, 2023 (the “364-Day Credit Agreement” and together with the Five-Year Credit Agreement, the “Credit Agreements”) among the Company, the Lenders and the Agent.

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26 debt financings filed in the last 30 days. Browse all debt financings →

DOVER Corp filing history →

Source: SEC EDGAR

accession 0001193125-23-097188

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