By Andrea Heisinger
Omaha, May 13 - Parker-Hannifin Corp. priced $775 million of medium-term notes (A2/A/A) on Tuesday in two tranches, an informed source said.
The $450 million of 5.5% 10-year notes priced at 99.765 to yield 5.531%, or Treasuries plus 165 basis points.
The $325 million of 6.25% 30-year notes priced at 99.946 to yield 6.254%, or Treasuries plus 165 bps.
Both tranches have a make-whole redemption of Treasuries plus 25 bps.
The notes priced at the tight end of price talk of 165 to 170 bps.
The notes feature a change-of-control put of 101%.
Agents were Banc of America Securities LLC, Goldman Sachs & Co. and Morgan Stanley & Co. Inc.
The manufacturer of motion and control technologies is based in Cleveland.
| Issuer: | Parker-Hannifin Corp.
|
| Issue: | Medium-term notes
|
| Amount: | $775 million
|
| Agents: | Banc of America Securities LLC, Goldman Sachs & Co., Morgan Stanley & Co. Inc.
|
| Trade date: | May 13
|
| Settlement date: | May 16
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A
|
|
|
| 10-year notes
|
| Amount: | $450 million
|
| Maturity: | May 15, 2018
|
| Coupon: | 5.5%
|
| Price: | 99.765
|
| Yield: | 5.531%
|
| Spread: | Treasuries plus 165 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
| Price talk: | 165 to 170 bps
|
|
|
| 30-year notes
|
| Amount: | $325 million
|
| Maturity: | May 15, 2038
|
| Coupon: | 6.25%
|
| Price: | 99.946
|
| Yield: | 6.254%
|
| Spread: | Treasuries plus 165 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
| Price talk: | 165 to 170 bps
|
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