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Parker-Hannifin completes $3.6 billion Senior Notes offering

June 2022

Client(s) Parker-Hannifin Corporation

Jones Day represented Parker-Hannifin Corporation, a leading worldwide diversified manufacturer of motion and control technologies and systems, in connection with 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.

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