PRICING AGREEMENT
Exhibit 1.2
PRICING AGREEMENT
Deutsche Bank AG, London Branch
Goldman, Sachs & Co.
As Representatives of the
several Underwriters named
in Schedule I hereto
c/o Deutsche Bank AG, London Branch
Winchester House
1 Great Winchester Street
London EC2N 2DB
United Kingdom
Goldman, Sachs & Co.
200 West Street
New York, New York 10282
November 26, 2013
Ladies and Gentlemen:
Dover Corporation, a Delaware corporation (the Company), proposes, subject to the terms and conditions stated herein and in the Underwriting Agreement, dated November 26, 2013 (the Underwriting Agreement), to issue and sell to the several Underwriters named in Schedule I hereto (the Underwriters) the Securities specified in Schedule II hereto (the Designated Securities). Each of the provisions of the Underwriting Agreement is incorporated herein by reference in its entirety, and shall be deemed to be a part of this Agreement to the same extent as if such provisions had been set forth in full herein; and each of the representations and warranties set forth therein shall be deemed to have been made at and as of the date of this Pricing Agreement, except that each representation and warranty which refers to the Pricing Prospectus, the Pricing Disclosure Package and the Prospectus in Section 2 of the Underwriting Agreement shall be deemed to be a representation or warranty as of the date of the Underwriting Agreement in relation to the Pricing Prospectus, the Pricing Disclosure Package and the Prospectus, and also a representation and warranty as of the date of this Pricing Agreement in relation to the Pricing Prospectus, the Pricing Disclosure Package and the Prospectus relating to the Designated Securities which are the subject of this Pricing Agreement. Each reference to the Representatives herein and in the provisions of the Underwriting Agreement so incorporated by reference shall be deemed to refer to you. The Representatives designated to act on behalf of each of the Underwriters of the Designated Securities pursuant to Section 13 of the Underwriting Agreement and the address of the Representatives referred to in such Section 13 are set forth at the end of Schedule II hereto.
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Each of the Underwriters agrees that it will not offer or sell any of the Designated Securities in any jurisdiction outside the United States except in circumstances that will result in compliance in all material respects with the applicable laws thereof.
The Prospectus relating to the Designated Securities, in the form heretofore delivered to you, is now proposed to be filed with the Commission.
Unless otherwise defined herein, terms defined in the Underwriting Agreement are used herein as therein defined.
Subject to the terms and conditions set forth herein and in the Underwriting Agreement incorporated herein by reference, the Company agrees to issue and sell to each of the Underwriters, and each of the Underwriters agrees, severally and not jointly, to purchase from the Company, at the time and place and at the purchase price to the Underwriters set forth in Schedule II hereto, the principal amount of Designated Securities set forth opposite the name of such Underwriter in Schedule I hereto.
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If the foregoing is in accordance with your understanding, please sign and return to us counterparts hereof for the Company and each of the Representatives plus one counterpart for each counsel, and upon acceptance hereof by you, this letter and such acceptance hereof, including the provisions of the Underwriting Agreement incorporated herein by reference, shall constitute a binding agreement between each of the Underwriters and the Company.
[Remainder of Page Intentionally Left Blank]
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Very truly yours, | ||||
DOVER CORPORATION | ||||
By: | /s/ Brad. M. Cerepak | |||
Name: Brad M. Cerepak | ||||
Title: Senior Vice President and Chief Financial Officer |
Accepted as of the date hereof: | ||
DEUTSCHE BANK AG, LONDON BRANCH | ||
By: | /s/ Annerose Schulte | |
Name: Annerose Schulte | ||
Title: Legal Counsel | ||
By: | /s/ Ruth Pickett | |
Name: Ruth Picket | ||
Title: Legal Counsel | ||
GOLDMAN, SACHS & CO. | ||
By: | /s/ Adam Greene | |
Name: Adam Greene | ||
Title: Vice President | ||
CITIGROUP GLOBAL MARKETS LIMITED | ||
By: | /s/ James Barnard | |
Name: James Barnard | ||
Title: Delegated Signatory | ||
HSBC BANK PLC | ||
By: | /s/ Karl Allen | |
Name: Karl Allen | ||
Title: Transaction Management Group | ||
EMEA Debt Capital Markets |
J.P. MORGAN SECURITIES PLC | ||
By: | /s/ Marc Lewell | |
Name: Marc Lewel | ||
Title: Managing Director | ||
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | ||
By: | /s/ Laurie Campbell | |
Name: Laurie Campbell | ||
Title: Managing Director | ||
MORGAN STANLEY & CO. INTERNATIONAL PLC | ||
By: | /s/ T.O. Thorne | |
Name: T.O. Thorne | ||
Title: Vice President | ||
THE ROYAL BANK OF SCOTLAND PLC | ||
By: | /s/ Rebecca Bishop | |
Name: Rebecca Bishop | ||
Title: Legal Counsel | ||
U.S. BANCORP INVESTMENTS, INC. | ||
By: | /s/ David Wood | |
Name: David Wood | ||
Title: Managing Director | ||
WELLS FARGO SECURITIES, LLC | ||
By: | /s/ Carolyn Hurley | |
Name: Carolyn Hurley | ||
Title: Director |
SCHEDULE I
Underwriters | Principal Amount of Designated Securities to be Purchased | |||
Deutsche Bank AG, London Branch | | 156,000,000 | ||
Goldman, Sachs & Co. | 84,000,000 | |||
Citigroup Global Markets Limited | 7,500,000 | |||
HSBC Bank plc | 7,500,000 | |||
J.P. Morgan Securities plc | 7,500,000 | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated | 7,500,000 | |||
Morgan Stanley & Co. International plc | 7,500,000 | |||
The Royal Bank of Scotland plc | 7,500,000 | |||
U.S. Bancorp Investments, Inc. | 7,500,000 | |||
Wells Fargo Securities, LLC | 7,500,000 | |||
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Total | | 300,000,000 | ||
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SCHEDULE II
Title of Designated Securities:
2.125% Notes Due 2020 (the Designated Securities).
Aggregate principal amount:
300,000,000 of the Designated Securities.
Price to Public:
99.807% of the principal amount of the Designated Securities, plus accrued interest, if any, from December 4, 2013.
Purchase Price by Underwriters:
99.407% of the principal amount of the Designated Securities, plus accrued interest, if any, from December 4, 2013.
Form of Designated Securities:
Book-entry only form represented by one or more fully registered global notes, without coupons, deposited with Clearstream Banking, société anonyme (Clearstream), and Euroclear Bank, S.A./N.V., as operator of the Euroclear System (Euroclear), to be made available for checking by the Representatives at least twenty-four hours prior to the Time of Delivery.
Time of Delivery:
9:00 a.m. (London time), or as soon as possible thereafter, on December 4, 2013.
Indenture:
Indenture dated February 8, 2001, between the Company and Bank One Trust Company, N.A. (as predecessor to JP Morgan Trust Company National Association, The Bank of New York and The Bank of New York Mellon), as Trustee, as supplemented by the Fourth Supplemental Indenture, to be dated December 4, 2013, between the Company and The Bank of New York Mellon (as successor to Bank One Trust Company, N.A., JP Morgan Trust Company National Association and The Bank of New York) as Trustee, relating to the Designated Securities
Maturity:
December 1, 2020.
Interest Rate:
2.125%
Interest Payment Dates:
December 1 of each year, commencing December 1, 2014.
Regular Record Dates:
November 15 of each year.
Redemption Provisions:
No mandatory redemption provisions.
The Company may, at its option, redeem the Designated Securities in whole at any time or in part from time to time at the redemption prices as described under the caption Description of the NotesOptional Redemption in the Companys preliminary prospectus supplement dated November 26, 2013 relating to the Designated Securities (the Preliminary Prospectus Supplement). The redemption price will be based on the Comparable Government Bond Rate (as defined in the Preliminary Prospectus Supplement) plus 12 basis points.
Redemption for Tax Reasons:
The Company may offer to redeem all but not part of the Designated Securities in the event of certain changes in the tax laws of the United States (or any taxing authority in the United States). This redemption would be at 100% of the principal amount, together with accrued and unpaid interest on the Securities to the date fixed for redemption (all as described in the Preliminary Prospectus Supplement).
Additional Amounts:
The Company will, subject to certain exceptions and limitations, pay as additional interest on the Designated Securities such additional amounts as are necessary in order that the net payment by the Company of the principal of, premium, if any and interest on the Designated Securities to a holder who is not a United States person, after withholding or deduction for any present or future tax, assessment or other governmental charge imposed by the United States or a taxing authority in the United States will not be less than the amount provided in the Designated Securities to be then due and payable (all as described in the Preliminary Prospectus Supplement).
Change of Control Offer Provisions:
If a change of control triggering event occurs, the Company will be required, subject to certain conditions, to make an offer to repurchase the Designated Securities at a price equal to 101% of the principal amount of the Designated Securities, plus accrued and unpaid interest to the date of repurchase (all as described in the Preliminary Prospectus Supplement).
Sinking Fund Provisions:
No sinking fund provisions.
Currency of Payment Provisions:
All payments of interest and principal, including payments made upon any redemption of the Designated Securities, if any, interest on and additional amounts, if any, will be payable in euros, provided, that if the euro is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond the Companys control or if the euro is no longer being used by the then member states of the European Monetary Union that have adopted the euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the Designated Securities will be made in U.S. dollars until the euro is again available to the Company or so used. The amount payable on any date in euros will be converted into U.S. dollars at the rate mandated by the U.S. Federal Reserve Board as of the close of business on the second business day prior to the relevant payment date or, in the event the U.S. Federal Reserve Board has not mandated a rate of conversion, on the basis of the most recent U.S. dollar/euro exchange rate published in The Wall Street Journal on or prior to the second business day prior to the relevant payment date.
Defeasance Provisions:
As set forth in the Fourth Supplemental Indenture.
Closing Location:
Simpson Thacher & Bartlett LLP
425 Lexington Avenue
New York, New York 10017
Denomination:
The Designated Securities will be issued in minimum denominations of 100,000 in principal amount and integral multiples of 1,000 in excess thereof.
Listing
The Company intends to apply to list the Designated Securities on The New York Stock Exchange.
Additional Closing Conditions:
No additional closing conditions to those in the Underwriting Agreement.
Names and addresses of Representatives:
Designated Representatives:
Deutsche Bank AG, London Branch
Winchester House
1 Great Winchester Street
London EC2N 2DB
United Kingdom
Goldman, Sachs & Co.
200 West Street
New York, New York 10282
Address for Notices, etc.:
Deutsche Bank AG, London Branch
Winchester House
1 Great Winchester Street
London EC2N 2DB
United Kingdom
Attention: Syndicate Desk
Fax: +44 (113)  ###-###-####
Goldman, Sachs & Co.
200 West Street
New York, New York 10282
Attention: Registration Department
Fax: +1 (212)  ###-###-####
Applicable Time:
12:15 p.m. (London time), on November 26, 2013
List of Free Writing Prospectuses
Final Term Sheet, dated November 26, 2013, in the form agreed between the Company and the Representatives on the date hereof.