Roper Industries prices offering of 2.3M shares

AP News
Posted: Dec 22, 2009 7:23 PM

Roper Industries Inc., which makes products for water and energy companies, on Tuesday priced a public offering of 2.3 million shares of its common stock at $53.15 each.

After expenses, net proceeds of the offering are expected to total about $121 million, the company said.

Roper Industries is trying to cut the debt it took on to buy medical device maker Verathon Inc. this month. The company announced in November that it would buy Verathon and traffic software and hardware maker United Toll Services for a combined $356 million.

In a release, Roper said the offering is being made in conjunction with the company's inclusion in the S&P 500 index, which became effective after the close of trading Tuesday. The offering is expected to close Dec 29.

J.P. Morgan and Goldman, Sachs & Co. are serving as joint book-runners for the offering.

Shares of Roper fell $1.42 to close the regular session at $53.25.