Parker Borrows $2.0 Billion in the Aggregate Under the Term Loan Facility
September 14, 2022 at 04:31 pm EDT
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As previously disclosed, on August 27, 2021, Parker-Hannifin Corporation entered into a Credit Agreement (the “Credit Agreement”) among Parker, the lenders party thereto and KeyBank National Association, as administrative agent. The Credit Agreement provides for a senior unsecured delayed-draw term loan facility in an aggregate principal amount of $2.0 billion (the “Term Loan Facility”). In connection with the consummation of the Acquisition, on September 12, 2022, Parker borrowed $2.0 billion in the aggregate under the Term Loan Facility to pay a portion of the purchase price and other fees and expenses related thereto.
Parker Hannifin Corporation specializes in designing, manufacturing, and selling monitoring and control systems. Net sales break down by family of products as follows:
- industrial systems (84.1%): industrial pipes, pipe connectors and adapters, oil filters, air filters, motors, hydraulic pumps and valves, pneumatic accessories, diagnostic equipment, climate control and monitoring systems (carbonic gas control systems, electronic controllers, pressure regulators, electromagnetic valves, thermostatic pressure relief valves), etc. North America accounts for 57.7% of net sales;
- aerospace systems and components (15.9%): flight control systems, fluid flow automation and monitoring systems, hydraulic components, brakes, etc. intended for military and commercial aircraft.
Net sales break down geographically as follows: North America (64.4%), Europe (19.9%), Asia-Pacific (14.4%) and Latin America (1.3%).
PARKER-HANNIFIN CORPORATION 
