NEW YORK (S&P Global Ratings) Dec. 8, 2016--S&P Global Ratings today assigned its 'BBB' issue-level rating to Roper Technologies Inc.'s proposed senior unsecured notes. We expect that the company will issue approximately $1.2 billion of notes in two tranches with different maturities (one in 2021 and the other in 2026). The company will use the proceeds from this issuance, along with revolver borrowings, to fund its $2.8 billion acquisition of Herndon, Va.-based enterprise software application provider Deltek Inc. All of our other ratings on Roper remain unchanged. Deltek provides enterprise software to government contractors, architectural and engineering firms, and professional services companies. While the purchase multiple is high--at 14x Deltek's projected 2017 EBITDA--the acquisition will broaden Roper's foray into the
