Summary
Parker-Hannifin Corporation (PH) filed an 8-K report on February 27, 2017, detailing two significant events that occurred on February 24 and February 28, 2017. Firstly, the company successfully completed a private offering of senior notes, raising a substantial $1.3 billion in USD and €700 million in EUR. These notes have varying maturity dates and interest rates, with the proceeds earmarked to finance the acquisition of CLARCOR, Inc. Secondly, the 8-K confirms the completion of Parker-Hannifin's acquisition of CLARCOR, Inc. for $83.00 per share in cash. This strategic move, financed in part by the new senior notes issuance, marks a significant expansion for Parker-Hannifin. Investors should note that detailed financial statements for the acquired CLARCOR business and pro forma financial information will be filed via amendment at a later date.
Key Highlights
- 1Completion of a private offering of $700 million in 3.250% senior notes due 2027 and $600 million in 4.100% senior notes due 2047.
- 2Issuance of €700 million in 1.125% senior notes due 2025.
- 3Net proceeds from the note offerings were used to finance the acquisition of CLARCOR, Inc.
- 4Successful completion of the acquisition of CLARCOR, Inc. on February 28, 2017, for $83.00 per share in cash.
- 5Clarcor now operates as a wholly owned subsidiary of Parker-Hannifin.
- 6The company will file financial statements and pro forma information for the CLARCOR acquisition via amendment at a later date.