By Lisa Kerner
Charlotte, N.C., June 28 - Eaton Corp. announced the issue of $300 million of 3.47% nine-year notes and $300 million of 3.68% 11-year notes.
The notes will enhance the company's capital structure ahead of the Cooper Industries plc acquisition announced on May 21, according to a company news release.
The transaction is expected to close in the fall.
Eaton is a Cleveland-based diversified industrial manufacturer.
Issuer: | Eaton Corp.
|
Issue: | Notes
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Amount: | $600 million
|
Announcement date: | June 28
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Distribution: | Private placement
|
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Tranche 1
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Amount: | $300 million
|
Maturity: | 2021
|
Coupon: | 3.47%
|
|
Tranche 2
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Amount: | $300 million
|
Maturity: | 2023
|
Coupon: | 3.68%
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