Eaton Completes $750 Million Public Debt Offering
20 Maggio 2008 - 6:23PM
Business Wire
Diversified industrial manufacturer Eaton Corporation (NYSE:ETN)
today announced the completion of a senior notes offering
consisting of $300 million of 4.90 percent notes due 2013 and $450
million of 5.60 percent notes due 2018. Citigroup Global Markets
Inc., J.P. Morgan Securities Inc. and Morgan Stanley & Co.
Incorporated were joint book-running managers for the offering. The
notes offering was made pursuant to the company's effective shelf
registration statement. The proceeds of the public debt offering
will be used to repay commercial paper issued under the backstop
capacity provided by the bridge revolving credit facility entered
into on January 25. This bridge facility was entered into to fund
the acquisitions of The Moeller Group and Phoenixtec Power Company
Ltd. The offering of these notes completes the permanent
refinancing of this facility. �We are pleased to conclude the
permanent financing plan for the Moeller and Phoenixtec
acquisitions,� said Richard H. Fearon, Eaton executive vice
president - chief financial and planning officer. �This debt
offering, along with our recent $1.5 billion equity issuance and
the increase of our long-term credit facilities to $1.7 billion,
places our capitalization ratios near our target levels. With our
refinanced balance sheet, additional liquidity and strong cash
flow, we believe we are well positioned to continue to execute our
growth strategy while maintaining our credit profile as an �A�
long-term credit.� 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 credit profile, growth strategy, cash
flow and liquidity. 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 described in our 2007 Form 10-K under
the heading �Risk Factors�. We do not assume any obligation to
update these forward-looking statements.
Grafico Azioni Eaton (NYSE:ETN)
Storico
Da Lug 2024 a Ago 2024
Grafico Azioni Eaton (NYSE:ETN)
Storico
Da Ago 2023 a Ago 2024