Debt

On September 23, 2016, Roper entered into a new five-year unsecured credit facility (the "2016 Facility") composed of a five year $2.5 billion revolving credit facility with JPMorgan Chase Bank, N.A., as administrative agent and a syndicate of lenders. The Company may also, subject to compliance with specified conditions, request additional borrowings in the form of term loans or additional revolving credit commitments in an aggregate amount not to exceed $500 million. The interest rate on borrowings under the credit facility is calculated based upon various recognized indices plus a margin as defined in the 2016 Facility.

The 2016 Facility replaces Roper's previous unsecured credit facility, dated as of July 27, 2012, as amended as of October 28, 2015 (the "2012 Facility"). Due to the early termination of the 2012 Facility, Roper recorded a $0.9 million non-cash debt extinguishment charge as other expense in the third quarter of 2016. This charge represents the unamortized fees associated with the 2012 Facility.

The 2016 Facility contains affirmative and negative covenants which, among other things, limit Roper's ability to incur new debt, enter into certain mergers and acquisitions, sell assets and grant liens, make restricted payments (including the payment of dividends on Roper's common stock) and capital expenditures, or change its line of business. Roper is also subject to financial covenants which require the Company to limit its consolidated total leverage ratio and to maintain a minimum consolidated interest coverage ratio. The most restrictive covenant is the consolidated total leverage ratio which is limited to 3.5.

Roper's 3.75% senior subordinated convertible notes due 2034 became convertible on January 15, 2009. During the nine months ended September 30, 2016, 7,670 notes were converted by note holders for $17.3 million in cash. No gain or loss was recorded upon these conversions. In addition, a related $0.9 million deferred tax liability associated with excess deductions recorded for tax purposes was relieved to additional paid-in capital upon the conversions.