DOV · Dover Corporation

Dover Corporation has upsized and extended its revolving credit capacity from $1 billion to $1.5 billion over a five-year term maturing April 2, 2031, providing enhanced liquidity headroom for its commercial paper program and general corporate needs. The facility replaces an existing $1 billion five-year agreement from 2023 (terminated upon closing) and a 364-day facility that expired naturally. Pricing remains investment-grade tied, with spreads over term benchmarks like SOFR ranging 68-110 basis points and facility fees 7-15 bps, contingent on S&P and Moody's ratings for senior unsecured debt. A $250 million LC sublimit supports multi-currency operations in key currencies. Financial covenants mirror the prior facility, centered on a 3x interest coverage test plus negative pledge and merger restrictions, maintaining discipline without added stringency. No Borrowing Subsidiaries are active initially, with Company guarantees for any future additions. This refinancing signals confidence in liquidity management amid stable banking relationships with JPMorgan-led syndicate.