Cleveland—Parker Hannifin Corporation (NYSE: PH) announced the company has successfully refinanced its syndicated credit facility at $1.5 billion over the next five years. With a total of 21 lenders around the world, solely led by KeyBank National Association, the credit facility is a key component of the company’s overall capital structure and supports the issuance of U.S. commercial paper.
“We believe that Parker is the first Single A diversified industrial company to secure favorable credit for a five year term during the present economic recovery period,” said Jon P. Marten, EVP-Finance and Administration and CFO. “Although we refinanced ahead of the expiration of the prior facility, we chose to take advantage of the continuing recovery in the credit markets to secure Parker’s aggregate capital structure in full support of future growth initiatives.
“The availability of back-up credit from this world-wide group of respected lenders gives us the flexibility to finance acquisitions, invest in global expansion, and drive organic growth through the funding of research and development initiatives. Refinancing our credit facility at this level and length of term reflects the depth and strength of our global network of lenders and their confidence in our prospects for continued growth and financial performance.”
MFP says
March 30, 2011 at 2:29 pmA five year term is something. You know that Parker is strong and they certainly deserve the credit.