...August 19, 2019 NEW YORK (S&P Global Ratings) Aug. 19, 2019--S&P Global Ratings today assigned its '###+' issue-level rating to Sarasota, Fla.-based software and industrial products firm Roper Technologies Inc.'s benchmark-size senior unsecured notes. The company issued the notes in two tranches maturing in 2024 and 2029 and we expect it will use the proceeds for general corporate purposes. Roper recently announced its acquisition of Exton, Pa.-based software provider iPipeline, which is a software-as-a-service (SaaS) company that sells cloud-based software for the life insurance and annuity industries. The company will finance the acquisition price of roughly $1.625 billion with a mix of revolver borrowings and cash on hand. We believe Roper may use some of the proceeds from the senior note issuance to refinance its revolver borrowings. With its focus on niche software businesses, Roper has an asset-light business model with strong profitability and good free cash flow generation. The...
