By Andrea Heisinger
New York, Sept. 7 - Parker-Hannifin Corp. sold $300 million of 3.5% 12-year senior unsecured medium-term notes on Tuesday to yield Treasuries plus 100 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes (A2/A/A) priced at 98.848 to yield 3.619%.
There is a make-whole call at Treasuries plus 15 bps and a change-of-control put of 101%.
Bank of America Merrill Lynch, Barclays Capital Inc. and Morgan Stanley & Co. Inc. were the bookrunners.
Proceeds will be used to repay borrowings under a commercial paper program and for general corporate purposes.
The manufacturer of motion and control technologies is based in Cleveland.
| Issuer: | Parker-Hannifin Corp.
|
| Issue: | Senior unsecured medium-term notes
|
| Amount: | $300 million
|
| Maturity: | Sept. 15, 2022
|
| Bookrunners: | Bank of America Merrill Lynch, Barclays Capital Inc., Morgan Stanley & Co. Inc.
|
| Coupon: | 3.5%
|
| Price: | 98.848
|
| Yield: | 3.619%
|
| Spread: | Treasuries plus 100 bps
|
| Call: | Make-whole at Treasuries plus 15 bps
|
| Change-of-control put: | 101%
|
| Trade date: | Sept. 7
|
| Settlement date: | Sept. 10
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A
|
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