CLEVELAND (Feb. 7)—Parker Hannifin Corp. said it sold $225 million in 10-year notes due Feb. 15, 2013. The notes, issued at a discount, will carry a coupon rate of 4.875 percent. Bank of America acted as the sole bookrunning manager on the offering. The company said the proceeds, which will be used to repay outstanding commercial paper, will in effect refresh a portion of $375 million in notes that will mature later this year. This issuance will allow the company to maintain an optimal maturity schedule for its debt portfolio, Parker Hannifin said. The firm's portfolio remains below its targeted debt-to-debt equity range of 34 to 37 percent.
Parker Hannifin sells $225 million in 10-year notes
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