Parker-Hannifin Corporation’s $3.6 Billion Senior Notes Offering

Jones Day advised Parker-Hannifin Corporation on the deal.

Parker-Hannifin Corporation, a leading worldwide diversified manufacturer of motion and control technologies and systems, announced its $3.6 billion registered public offering of Senior Notes. The Notes consisted of $1.4 billion aggregate principal amount of 3.650% Senior Notes due 2024, $1.2 billion aggregate principal amount of 4.250% Senior Notes due 2027, and $1 billion aggregate principal amount of 4.500% Senior Notes due 2029.

Parker intends to use the net proceeds from the offering, together with (i) borrowings under its senior, unsecured delayed-draw term loan facility, (ii) proceeds of issuances under its commercial paper program, and (iii) cash on hand, to finance its proposed £6.3 billion acquisition of Meggitt plc, a leading international company headquartered in Coventry, United Kingdom, specializing in high performance components and subsystems for the aerospace, defense, and selected energy markets.

The Jones Day team was led by Peter Zwick (Picture).

Involved fees earner: Peter Zwick – Jones Day;

Law Firms: Jones Day;

Clients: Parker Hannifin;

Martina Bellini

Author: Martina Bellini