PROSPECTUS SUPPLEMENT
(To Prospectus dated April 5, 2018)
$900,000,000
TRIMBLE INC.
$300,000,000 4.150% Senior Notes due 2023
$600,000,000 4.900% Senior Notes due 2028
We are offering $300,000,000 aggregate principal amount of our 4.150% Senior Notes due 2023 (the “2023 Notes”) and $600,000,000 aggregate principal amount of our 4.900% Senior Notes due 2028 (the “2028 Notes”), which we collectively refer to as the “notes.” We will pay interest semi-annually on the notes on June 15 and December 15 of each year, beginning on December 15, 2018. The interest rate payable on each series of notes will be subject to adjustment as described under “Description of Notes—Interest Rate Adjustment.” The 2023 Notes will mature on June 15, 2023 and the 2028 Notes will mature on June 15, 2028.
On April 23, 2018, we entered into an Agreement and Plan of Merger (the “Merger Agreement”), by and among us, Jefferson Merger Sub Inc., a wholly-owned subsidiary of ours (“Merger Sub”), Waterfall Holdings, Inc. (“Waterfall”) and Bain Capital Private Equity, LP, solely in its capacity as representative, pursuant to which we will acquire Viewpoint, Inc. (“Viewpoint”), the operating company and an indirect wholly-owned subsidiary of Waterfall (the “Viewpoint Acquisition”). We expect to use a portion of the net proceeds from this offering of the notes to repay the indebtedness outstanding under our 2018 interim credit facility. The remaining proceeds of this offering, together with the borrowings under our new term loan facility and additional borrowings under our other credit facilities, will be used to fund the cash consideration and other amounts payable under the Merger Agreement, which includes the repayment of outstanding indebtedness of Viewpoint, and to pay fees and expenses associated with the foregoing. Pending the full application of the net proceeds of this offering of the notes, we may elect to temporarily repay amounts outstanding under our new revolving facility and our uncommitted facilities. This offering is not contingent on the consummation of the Viewpoint Acquisition. If the Viewpoint Acquisition is not consummated, we intend to use the net proceeds from the offering of the 2028 Notes for general corporate purposes and will redeem the 2023 Notes as described below.
If the Viewpoint Acquisition is not consummated on or prior to August 23, 2018 (the “termination date” of the Merger Agreement), or if the Merger Agreement is terminated at any time prior to such date other than as a result of consummating the Viewpoint Acquisition, then we will be required to redeem all of the outstanding 2023 Notes at a redemption price equal to 101% of the aggregate principal amount of such notes, plus accrued and unpaid interest on such notes to, but not including, the special mandatory redemption date (as defined below). We refer to such redemption as a “special mandatory redemption.” There is no escrow account for or security interest in the proceeds of this offering for the benefit of holders of the 2023 Notes. The 2028 Notes are not subject to a special mandatory redemption. See “Description of Notes—Special Mandatory Redemption of the 2023 Notes.” In addition to the special mandatory redemption with respect to the 2023 Notes, we may redeem the notes of each series in whole or in part at any time at the respective redemption prices described under “Description of Notes—Optional Redemption.”
The notes will be unsecured obligations of ours and will rank equally with our existing and future unsecured senior indebtedness, including our existing 4.750% notes due 2024.
The notes will not be listed on any securities exchange. Currently, there are no public markets for the notes.
Investing in the notes involves risk. Please read “Risk Factors” beginning on pageS-16 of this prospectus supplement and the risks described in the documents incorporated by reference in this prospectus supplement and the accompanying prospectus for a discussion of certain risks you should consider in connection with an investment in these notes.
Neither the Securities and Exchange Commission (“SEC”) nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
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| | Per 2023 Note | | | Total | | | Per 2028 Note | | | Total | |
Public offering price(1) | | | 99.964% | | | $ | 299,892,000 | | | | 99.867% | | | $ | 599,202,000 | |
Underwriting discount | | | 0.600% | | | $ | 1,800,000 | | | | 0.650% | | | $ | 3,900,000 | |
Proceeds, before expenses, to us | | | 99.364% | | | $ | 298,092,000 | | | | 99.217% | | | $ | 595,302,000 | |
(1) | Plus accrued interest, if any, from June 15, 2018. |
The notes will be ready for delivery in book-entry form only through the facilities of The Depository Trust Company for the accounts of its participants, which may include Clearstream Banking, société anonyme, and Euroclear Bank S.A./N.V., as operator of the Euroclear System, against payment on or about June 15, 2018.
Joint Book-Running Managers
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J.P. Morgan | | BofA Merrill Lynch | | Goldman Sachs & Co. LLC |
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Scotiabank | | Wells Fargo Securities |
Co-Managers
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BBVA | | HSBC | | MUFG | | PNC Capital Markets LLC | | SMBC Nikko | | TD Securities | | US Bancorp |
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BB&T Capital Markets | | KeyBanc Capital Markets |
The date of this prospectus supplement is June 7, 2018.