Parker-Hannifin Prices Offering of €700 Million Senior Notes Due 2030

Parker-Hannifin Corporation (NYSE: PH) recently announced that it has entered into an underwriting agreement with Citigroup Global Markets Limited, HSBC Bank plc, and Morgan Stanley & Co. International plc for the issuance and sale of senior notes due 2030. The company priced the offering at €700 million in aggregate principal amount, with the notes bearing an interest rate of 2.900% per annum.

The senior notes will be issued under an indenture dated September 5, 2023, between Parker-Hannifin Corporation and The Bank of New York Mellon Trust Company, N.A. Interest on the notes will be paid annually in arrears beginning March 1, 2026. The offering is expected to close around February 20, 2025, subject to customary closing conditions.

The net proceeds from the offering, along with existing cash reserves, will be utilized by Parker-Hannifin to repay its 1.125% senior notes due in 2025 upon maturity. Until the funds are utilized for this purpose, the company may choose to hold the net proceeds in interest-bearing accounts, invest them in short-term securities, or repay short-term debts.

The offering of senior notes has been registered under the Securities Act of 1933, as amended, and all related documents have been duly filed with the Securities and Exchange Commission for public disclosure. Parker-Hannifin advises caution against placing undue reliance on forward-looking statements, pointing out various factors that could affect future performance, including changes in market conditions, business relationships, and regulatory environments.

Investors are encouraged to consider the risk factors discussed in Parker-Hannifin’s recent Annual Report on Form 10-K and other filings with the Commission. The company undertakes no obligation to update or revise any forward-looking statements, except as required by law.

For more detailed information on this offering and related agreements, interested parties can refer to the SEC filings and exhibits available on the company’s website or through the SEC database.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Parker-Hannifin’s 8K filing here.

Parker-Hannifin Company Profile

Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. The company operates through two segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial segment offers sealing, shielding, thermal products and systems, adhesives, coatings, and noise vibration and harshness solutions; filters, systems, and diagnostics solutions to ensure purity and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors used in fluid and gas handling; and hydraulic, pneumatic, and electromechanical components and systems for builders and users of mobile and industrial machinery and equipment.