Parker sets up $825 million credit facility

CLEVELAND (Sept. 27)—Parker Hannifin Corp. has established a new $825 million revolving credit facility to replace revolving credit agreements due to mature between October 2001 and October 2003. The new facility is comprised of a five-year credit pact of $500 million and a 364-day credit agreement of $325 million, with a one-year term-out option. Parker said this is the most globally distributed credit it has achieved to date, with 12 banks involved.