Parker-Hannifin to conduct $2.5 billion offering of fixed-rate notes

By Devika Patel

Knoxville, Tenn., Feb. 8 – Parker-Hannifin Corp. intends to offer $2.5 billion of fixed-rate senior notes (Baa1/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. for about $4.3 billion.

Proceeds 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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