Parker-Hannifin to price dollar, euro notes following roadshow

By Cristal Cody

Tupelo, Miss., Feb. 10 – Parker-Hannifin Corp. is expected to price dollar-denominated senior notes and euro-denominated bonds following a roadshow, according to a market source on Friday.

Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC are arrangers of the roadshow that will start in the U.S. market on Monday for the Rule 144A and Regulation S notes offering and continue the following three days in Europe for the euro issue.

Parker-Hannifin announced on Wednesday that it intends to offer $2.5 billion of fixed-rate senior notes (Baa1/A/A-) in private transactions, according to an 8-K filing with the Securities and Exchange Commission.

On Dec. 1, the company said it plans to take on about $3 billion of debt to acquire Clarcor Inc. in a transaction valued at about $4.3 billion. The acquisition is expected to close by the end of the month pending shareholder approval.

Proceeds from the deals will be used to finance a portion of the Clarcor acquisition.

Parker-Hannifin is a Cleveland-based manufacturer of motion and control technologies.

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