Parker-Hannifin draws $800 million from term loan for acquisition

By Sarah Lizee

Olympia, Wash., Oct. 29 – Parker-Hannifin Corp. borrowed the full $800 million under its delayed-draw term loan facility to help pay a portion of the purchase price of its roughly $3.675 billion acquisition of Lord Corp., according to an 8-K filing with the Securities and Exchange Commission.

The borrowing was made on Tuesday.

The company entered into the agreement on May 22 with KeyBank NA as administrative agent.

Parker-Hannifin is a Cleveland-based manufacturer of motion and control technologies. Lord is a Cary, N.C.-based designer and manufacturer of advanced adhesives and coatings, and vibration- and noise-control systems.

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