Eaton Corporation Sells $75 Million of Debt Securities
Diversified industrial manufacturer Eaton Corporation announced it has sold $75 million of 5.45 percent senior debentures due October 2034, pursuant to an underwriting agreement with Legg Mason Wood Walker, Incorporated.
This transaction brings the total amount of 5.45 percent 2034 debentures outstanding to $150 million and will form a single series with the 5.45 percent senior debentures due 2034 issued previously. In October 2004, Eaton sold $75 million of 5.45 percent senior debentures with Legg Mason Wood Walker acting as the sole underwriter.
Richard H. Fearon, Eaton executive vice president and chief financial and planning officer, said the company did not have any immediate funding requirement. "Eaton reopened this series of debentures because it was an attractive opportunity," Fearon said. "Eaton has ample liquidity, but we remain alert to financing opportunities that may emerge from time to time in the capital markets."
The net proceeds from the additional sale of the debentures will be used for general corporate purposes.
Source: Eaton Corporation plc