New Issue: Eaton sells $300 million three-year floaters at Libor plus 33 bps

By Andrea Heisinger

New York, June 13 - Eaton Corp. sold $300 million of three-year floating-rate notes on Monday at par to yield three-month Libor plus 33 basis points, an informed source said.

The notes (A3/A-/A-) are non-callable and feature a change-of-control put at 101%.

Barclays Capital Inc., Morgan Stanley & Co., Inc. and UBS Securities LLC were the bookrunners.

Co-managers were Bank of America Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., KeyBanc Capital Markets Inc., Goldman Sachs & Co., BNP Paribas Securities Corp., BNY Mellon Capital Markets, LLC, Credit Suisse Securities (USA) LLC and Svenska Handelsbanken AB.

Proceeds will be used to repay commercial paper.

The diversified power technology management company is based in Cleveland.

Issuer:	Eaton Corp.
Issue:	Floating-rate notes
Amount:	$300 million
Maturity:	June 16, 2014
Bookrunners:	Barclays Capital Inc., Morgan Stanley & Co., Inc., UBS Securities LLC
Co-managers:	Bank of America Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., KeyBanc Capital Markets Inc., Goldman Sachs & Co., BNP Paribas Securities Corp., BNY Mellon Capital Markets, LLC, Credit Suisse Securities (USA) LLC, Svenska Handelsbanken AB
Coupon:	Three-month Libor plus 33 bps
Price:	Par
Yield:	Three-month Libor plus 33 bps
Call:	Non-callable
Change-of-control put:	101%
Trade date:	June 13
Settlement date:	June 16
Ratings:	Moody's: A3
	Standard & Poor's: A-
	Fitch: A-

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