Parker Hannifin US$2bn delayed-draw term loan for Meggitt
Part-funded the acquisition of Meggitt plc
Key terms
- Borrower or issuer
- Parker Hannifin
- Date
- 27 Aug 2021
- Type
- Acquisition finance
- Amount
- US$2bn
- Pricing
- LIBOR + 1.00% to 1.625%, rating-based
- Maturity
- Three years from funding
Recorded terms
- Structure
- US$2.0bn senior unsecured delayed-draw term loan, three years from funding; reduced the bridge commitments
- Lenders and arrangers
- KeyBank National Association (administrative agent) and a syndicate of lenders
- Country
- United States
Parties
- Parker Hannifin borrower or issuer
- Lenders: KeyBanc
Similar financings
| Date | Financing | Type | Amount |
|---|---|---|---|
| 2 Jul 2021 | SAIC US$100m incremental term loan for Halfaker | Acquisition finance | US$100m |
| 25 Oct 2021 | Amentum US$1.94bn debt financing for the PAE acquisition | Acquisition finance | US$1.94bn |
| 22 Mar 2021 | Teledyne US$3,000m notes (5 tranches) to fund the FLIR acquisition | Acquisition finance | US$3bn |
| 4 Mar 2021 | Teledyne US$2.15bn term loan and revolver for the FLIR acquisition | Acquisition finance | US$2.15bn |
| 19 Feb 2021 | AeroVironment US$300m credit facilities for the Arcturus UAV acquisition | Acquisition finance | US$300m |
More from Parker Hannifin
| Date | Financing | Type | Amount |
|---|---|---|---|
| 6 Jun 2022 | Parker Hannifin US$3.6bn senior notes for Meggitt | Bond | US$3.6bn |
| 2 Aug 2021 | Parker Hannifin £6.5bn bridge facility for Meggitt | Acquisition finance | £6.52bn |
M&A and investment involving Parker Hannifin
| Date | Deal | Type | Value |
|---|---|---|---|
| 13 Sep 2022 | Parker Hannifin acquisition of Meggitt | M&A | £6.3bn |
Sources
- Parker-Hannifin Form 8-K (term loan credit agreement) sec.gov · 27 Aug 2021
About this record
Record DEF-2021-0029, taken from an issuer, lender or government announcement. Confirmed against the primary documents listed. Amounts are as announced; US$ equivalents use approximate annual average exchange rates. Spotted an error or have a document we have missed? Send a correction, and changes are logged on Updates and corrections.
Read the structure
Acquisition debt is committed before signing, often as a bridge, and refinanced with bonds or term loans once the deal closes.
