New Issue: Eaton prices $500 million 4.35% notes due 2028 at 90 bps spread

By Marisa Wong and Cristal Cody

Los Angeles, May 16 – Eaton Corp. priced $500 million of 4.35% five-year notes (A3/A-) at a spread of 90 basis points over Treasuries on Monday, according to an FWP filing with the Securities and Exchange Commission.

The notes priced at 99.924 to yield 4.367%.

Price talk had the notes coming in the Treasuries plus 120 bps area, according to a market source.

The notes are guaranteed by parent Eaton Corp. plc.

The notes feature a make-whole call option until one month prior to maturity. After that, they are callable at par.

The notes will become putable at 101 in the event of a change of control.

BNP Paribas Securities Corp., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are the joint bookrunners.

Proceeds will be used for general corporate purposes.

Eaton is a power management company. The issuer is based in Cleveland, and parent headquarters are in Dublin.

Issuer:	Eaton Corp.
Guarantor:	Eaton Corp. plc
Amount:	$500 million
Issue:	Notes
Maturity:	May 18, 2028
Bookrunners:	BNP Paribas Securities Corp., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC
Co-managers:	BofA Securities, Inc., Citigroup Global Markets Inc., Barclays, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, HSBC Securities (USA) Inc., KeyBanc Capital Markets Inc., PNC Capital Markets LLC, TD Securities (USA) LLC, Truist Securities, Inc., Wells Fargo Securities, LLC, BNY Mellon Capital Markets, LLC, Loop Capital Markets LLC and Academy Securities, Inc.
Trustee:	Bank of New York Mellon Trust Co., NA
Counsel to issuer:	White & Case LLP and in-house counsel; McCann FitzGerald (Ireland), White & Case (Luxembourg) Sarl (Luxembourg) and De Brauw Blackstone Westbroek NV (Netherlands)
Counsel to underwriters:	Shearman & Sterling LLP
Coupon:	4.35%
Price:	99.924
Yield:	4.367%
Spread:	Treasuries plus 90 bps
Call options:	Make-whole call at Treasuries plus 15 bps until April 18, 2028; par call after that
Put option:	At 101 if change-of-control triggering event occurs
Trade date:	May 15
Settlement date:	May 18
Expected ratings:	Moody’s: A3
	S&P: A-
Distribution:	SEC registered
Price talk:	Treasuries plus 120 bps area
Cusip:	278062AK0

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