Parker-Hannifin Launches Multi-Tranche Euro Senior Notes Offering to Refinance Acquisition Debt
Parker-Hannifin Corp
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Filing Summary
Parker-Hannifin Corp (NYSE: PH) has filed a preliminary prospectus supplement (Form 424B5) for a multi-tranche offering of Euro-denominated Senior Notes due in 2030, 2032, and 2036.
Offering Highlights:
- Tranches: Senior Notes due 2030, Senior Notes due 2032, and Senior Notes due 2036.
- Use of Proceeds: Net proceeds, together with proceeds from a concurrent $2.4B USD notes offering and cash on hand, will be used to repay borrowings under the 364-Day Credit Agreement incurred to finance the $9.25B acquisition of Filtration Group Corporation (FGC).
- Joint Bookrunners: Barclays, Citigroup, Morgan Stanley, HSBC, and Wells Fargo Securities.
Comprehensive Analysis
Executive Summary
Parker-Hannifin Corporation filed a preliminary prospectus supplement on Form 424B5 on September 9, 2026, registering an offering of Euro-denominated senior unsecured notes across three tranches maturing in 2030, 2032, and 2036.
Key Terms & Structure
- Issuer: Parker-Hannifin Corporation
- Securities: Senior Notes due 2030, Senior Notes due 2032, and Senior Notes due 2036
- Currency: Euro (€)
- Interest Payment: Annually in arrears starting in 2027
- Ranking: General unsecured senior obligations ranking equally with all existing and future senior unsecured debt.
- Listing: Application made to Euronext Dublin for admission to the Official List and trading on the Global Exchange Market (GEM).
Use of Proceeds
Proceeds from this Euro notes offering, along with proceeds from a concurrent US$2.4 billion offering of U.S. Dollar-denominated senior notes and available cash, will be allocated to repay borrowings under the company's $5.25 billion 364-Day Credit Agreement drawn on August 13, 2026, in connection with the $9.25 billion acquisition of Filtration Group Corporation (FGC).
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