Parker Hannifin US$3.6bn senior notes for Meggitt
Part-funded the acquisition of Meggitt plc, with the term loan, commercial paper and cash
Key terms
- Borrower or issuer
- Parker Hannifin
- Date
- 6 Jun 2022
- Type
- Bond
- Amount
- US$3.6bn
- Pricing
- 3.650% / 4.250% / 4.500% fixed
- Maturity
- 2024 / 2027 / 2029
Recorded terms
- Structure
- US$1.4bn 3.650% notes due 2024, US$1.2bn 4.250% notes due 2027 and US$1.0bn 4.500% notes due 2029 (SEC-registered); special mandatory redemption if Meggitt did not close
- Lenders and arrangers
- Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and Wells Fargo Securities, LLC (representatives of the underwriters)
- Country
- United States
Parties
- Parker Hannifin borrower or issuer
- bookrunner/arranger: Citigroup, Wells Fargo, HSBC
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| Date | Financing | Type | Amount |
|---|---|---|---|
| 22 Apr 2022 | Lockheed Martin US$2,300m senior notes (3 tranches) | Bond | US$2.3bn |
| 20 Oct 2022 | Lockheed Martin US$4,000m senior notes (5 tranches) | Bond | US$4bn |
| 27 Oct 2022 | Curtiss-Wright US$300m senior notes private placement (2032 and 2034) | Bond | US$300m |
| 3 Nov 2021 | RTX (Raytheon Technologies) US$2,100m senior notes (2 tranches) | Bond | US$2.1bn |
| 7 Feb 2023 | Northrop Grumman US$2,000m senior notes (2 tranches) | Bond | US$2bn |
More from Parker Hannifin
| Date | Financing | Type | Amount |
|---|---|---|---|
| 27 Aug 2021 | Parker Hannifin US$2bn delayed-draw term loan for Meggitt | Acquisition finance | US$2bn |
| 2 Aug 2021 | Parker Hannifin £6.5bn bridge facility for Meggitt | Acquisition finance | £6.52bn |
M&A and investment involving Parker Hannifin
| Date | Deal | Type | Value |
|---|---|---|---|
| 13 Sep 2022 | Parker Hannifin acquisition of Meggitt | M&A | £6.3bn |
Sources
- Parker-Hannifin Form 8-K (underwriting agreement and pricing) sec.gov · 8 Jun 2022
- Parker-Hannifin Form 8-K (notes closing) sec.gov · 15 Jun 2022
About this record
Record DEF-2022-0025, taken from an issuer, lender or government announcement. Confirmed against the primary documents listed. Amounts are as announced; US$ 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
Senior notes are unsecured promises to pay, priced off government bonds; the prospectus sets the covenants, the change-of-control put and the redemption terms.
