Eaton Announces Proposed Public Offering Of Common Shares
21 Aprile 2008 - 12:49PM
Business Wire
Diversified industrial manufacturer Eaton Corporation (NYSE:ETN)
today announced the proposed public offering of 17,500,000 of its
common shares. The proceeds are expected to be used to repay
borrowings made under the company�s revolving credit facility,
entered into on January 25, 2008, or to repay commercial paper
issued under the backstop provided by the facility. The borrowings
were incurred to fund the acquisitions of Moeller and Phoenixtec.
The offering will be made pursuant to the company�s effective shelf
registration statement. The company has also granted the
underwriters an option to purchase an additional 1,750,000 common
shares to cover over-allotments. Citigroup Global Markets Inc.,
J.P. Morgan Securities Inc. and Morgan Stanley & Co.
Incorporated are joint book-running managers for the offering.
Copies of the preliminary prospectus supplement relating to the
offering may be obtained from: Citi: Brooklyn Army Terminal, 140
58th Street, 8th Floor, Brooklyn, NY 11220, (718) 765-6732. Morgan
Stanley: 180 Varick Street, 2nd Floor, New York, NY 10014,
Attention: Prospectus Department or by email at
prospectus@morganstanley.com. JPMorgan Securities Inc.: National
Statement Processing , Prospectus Library, 4 Chase Metrotech
Center, CS Level , Brooklyn, NY 11245, (718) 242-8002 This press
release does not constitute an offer to sell, or the solicitation
of an offer to buy, Eaton common shares or any other securities,
nor shall there be any sale of securities mentioned in this press
release in any state where such an offer, solicitation or sale
would be unlawful prior to registration or qualification under the
state�s securities laws. Eaton Corporation is a diversified
industrial manufacturer with 2007 sales of $13.0 billion. Eaton is
a global leader in electrical systems and components for power
quality, distribution and control; hydraulics components, systems
and services for industrial and mobile equipment; hydraulics, fuel
and pneumatic systems for commercial and military aircraft;
intelligent truck drivetrain systems for safety and fuel economy;
and automotive engine air management systems, powertrain solutions
and specialty controls for performance, fuel economy and safety.
Eaton has 79,000 employees and sells products to customers in more
than 150 countries. This news release contains forward-looking
statements concerning our common shares offering. These statements
should be used with caution. They are subject to various risks and
uncertainties, many of which are outside of our control. Various
factors could cause actual results to differ materially from those
in the forward-looking statements, including those set forth in our
Form 10-K for the year ending December 31, 2007. We do not assume
any obligation to update these forward-looking statements.
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