Dover Corporation Announces $800 Million Debt Offering

News provided by

Feb 16, 2011, 06:43 ET

DOWNERS GROVE, Ill., Feb. 16, 2011 /PRNewswire-FirstCall/ -- Dover Corporation (NYSE: DOV) announced today that it will issue $450 million of 4.30% Notes due 2021 and $350 million of 5.375% Notes due 2041. The net proceeds from the sales of the notes will be used to repay commercial paper, including commercial paper issued to pay the $400 million of 6.50% notes, which matured February 15, 2011, and for other general corporate purposes.

The new notes will be redeemable at the option of Dover in whole or in part at any time at a redemption price that includes a make-whole premium, with accrued interest to the redemption date. The transaction is anticipated to close on February 22, 2011.

Goldman, Sachs & Co., J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Deutsche Bank Securities Inc., RBS Securities Inc. and Wells Fargo Securities, LLC served as joint-book-running managers for both offerings. A copy of the prospectus supplement and related prospectus for this offering may be obtained by calling Goldman, Sachs & Co., toll-free at 1-866-471-2526, J.P. Morgan Securities LLC collect at 1-212-834-4533 and Merrill Lynch, Pierce, Fenner & Smith Incorporated toll free at 1-800-294-1322.

This press release is not an offer to sell nor is it a solicitation of an offer to buy any securities.

Dover Corporation is a global manufacturer of innovative components and equipment, specialty systems and support services for a variety of applications in the industrial products, engineered systems, fluid management and electronic technologies markets.