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Long-Term Debt | 12 Months Ended
--- | ---
Dec. 31, 2016
Long-Term Debt [Abstract] |
Long-Term Debt |
(8) | Long-Term Debt
On September 23, 2016, Roper entered into a new five-year $2.5 billion unsecured credit facility (the "2016 Facility") with JPMorgan Chase Bank, N.A., as administrative agent, and a syndicate of lenders, which replaced its previous $1.85 billion unsecured credit facility dated as of July 27, 2012, as amended as of October 28, 2015 (the "2012 Facility"). The 2016 Facility comprises a five year $2.50 billion revolving credit facility, which includes availability of up to $150 million for letters of credit. Roper may also, subject to compliance with specified conditions, request term loans or additional revolving credit commitments in an aggregate amount not to exceed $500 million. At December 31, 2016, there were $1.93 billion of outstanding borrowings under the 2016 Facility. The Company incurred a debt extinguishment charge of $0.9 million which represented 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 our 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 consolidated interest coverage ratio. The most restrictive covenant is the consolidated total leverage ratio which is limited to 3.5 to 1. On December 2, 2016, Roper amended the 2016 facility to allow the consolidated total leverage ratio be increased, no more than twice during the term of the 2016 facility, to 4.0 to 1 for a consecutive four quarter fiscal period per increase (or, for any portion of such four quarter fiscal period in which the maximum would be 4.25 to 1 pursuant to the 2016 facility amendment, 4.25 to 1). In conjunction with the Deltek acquistion (see Note 2), the Company increased the maximum consolidated total leverage ratio covenant to 4.25 to 1 through June 30, 2017 and 4.00 to 1 through December 31, 2017. The Company was in compliance with its debt covenants throughout the years ended December 31, 2016 and 2015. On December 19, 2016, the Company completed a public offering of $500 million aggregate principal amount of 2.80% senior unsecured notes due December 15, 2021 and $700 million aggregate principal amount of 3.80% senior unsecured notes due December 15, 2026. The notes bear interest at a fixed rate of 2.80% and 3.80% per year, respectively, payable semi-annually in arrears on June 15 and December 15 of each year, beginning June 15, 2017. On December 7, 2015, the Company completed a public offering of $600 million aggregate principal amount of 3.00% senior unsecured notes due December 15, 2020 and $300 million aggregate principal amount of 3.85% senior unsecured notes due December 15, 2025. The notes bear interest at a fixed rate of 3.00% and 3.85% per year, respectively, payable semi-annually in arrears on June 15 and December 15 of each year, beginning June 15, 2016. On June 6, 2013, the Company completed a public offering of $800 million aggregate principal amount of 2.05% senior unsecured notes due October 1, 2018. The notes bear interest at a fixed rate of 2.05% per year, payable semi-annually in arrears on April 1 and October 1 of each year, beginning October 1, 2013. On November 21, 2012, Roper completed a public offering of $400 million aggregate principal amount of 1.85% senior unsecured notes due November 15, 2017 and $500 million aggregate principal amount of 3.125% senior unsecured notes due November 15, 2022. The notes bear interest at a fixed rate of 1.85% and 3.125% per year, respectively, payable semi-annually in arrears on May 15 and November 15 of each year, beginning May 15, 2013. In September 2009, the Company completed a public offering of $500 million aggregate principal amount of 6.25% senior unsecured notes due September 1, 2019. The notes bear interest at a fixed rate of 6.25% per year, payable semi-annually in arrears on March 1 and September 1 of each year, beginning March 1, 2010. Roper may redeem some or all of these notes at any time or from time to time, at 100% of their principal amount, plus a make-whole premium based on a spread to U.S. Treasury securities. The Company's senior notes are unsecured senior obligations of the Company and rank equally in right of payment with all of Roper's existing and future unsecured and unsubordinated indebtedness. The notes are effectively subordinated to any of its existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness. The notes are not guaranteed by any of Roper's subsidiaries and are effectively subordinated to all existing and future indebtedness and other liabilities of Roper's subsidiaries. In December 2003, the Company issued through a public offering $230 million of 3.75% subordinated convertible notes due 2034 (the "Convertible Notes"). During the year ended December 31, 2016, the balance of the Convertible Notes were converted for $18.5 million in cash. Total debt at December 31 consisted of the following (in thousands):
|  | 2016 |  |  | 2015 |
2016 Facility |  | $ | 1,930,000 |  |  | $ | - |
2012 Facility |  |  | - |  |  |  | 180,000 |
$400 million 1.850% senior notes due 2017 |  |  | 400,000 |  |  |  | 400,000 |
$800 million 2.050% senior notes due 2018 |  |  | 800,000 |  |  |  | 800,000 |
$500 million 6.250% senior notes due 2019 |  |  | 500,000 |  |  |  | 500,000 |
$600 million 3.000% senior notes due 2020 |  |  | 600,000 |  |  |  | 600,000 |
$500 million 2.800% senior notes due 2021 |  |  | 500,000 |  |  |  | - |
$500 million 3.125% senior notes due 2022 |  |  | 500,000 |  |  |  | 500,000 |
$300 million 3.850% senior notes due 2025 |  |  | 300,000 |  |  |  | 300,000 |
$700 million 3.800% senior notes due 2026 |  |  | 700,000 |  |  |  | - |
Senior subordinated convertible notes |  |  | - |  |  |  | 4,179 |
Other |  |  | 2,989 |  |  |  | 4,435 |
Less unamortized debt issuance costs |  |  | (23,453 | ) |  |  | (17,392 | )
Total debt |  |  | 6,209,536 |  |  |  | 3,271,222 |
Less current portion, net of issuance costs |  |  | 400,975 |  |  |  | 6,805 |
Long-term debt |  | $ | 5,808,561 |  |  | $ | 3,264,417 |
The 2016 Facility and Roper's $4.3 billion senior notes provide substantially all of Roper's daily external financing requirements. The interest rate on the borrowings under the 2016 Facility is calculated based upon various recognized indices plus a margin as defined in the credit agreement. At December 31, 2016, Roper's debt consisted of $4.3 billion of senior notes, $3.0 million of other debt in the form of capital leases, several smaller facilities that allow for borrowings or the issuance of letters of credit in foreign locations to support Roper's non-U.S. businesses and $74 million of outstanding letters of credit at December 31, 2016. Future maturities of total debt during each of the next five years ending December 31 and thereafter were as follows (in thousands):
2017 |  | $ | 401,595 |
2018 |  |  | 800,840 |
2019 |  |  | 500,407 |
2020 |  |  | 600,147 |
2021 |  |  | 500,000 |
Thereafter |  |  | 3,430,000 |
Total |  | $ | 6,232,989 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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