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.
Richard H. Fearon, Eaton executive vice president - chief financial and planning officer, said the company did not have any immediate funding requirement.
"Eaton has ample liquidity," said Fearon, "but we continually monitor the world's debt markets for financing opportunities, especially during periods of low rates and tight credit spreads. This opportunity, which was presented to us, is particularly attractive in the current environment."
The net proceeds from the sale of the debentures will be used to repay maturing debt obligations and for general corporate purposes.
Eaton Corporation is a diversified industrial manufacturer with 2003 sales of $8.1 billion. Eaton is a global leader in fluid power systems and services for industrial, mobile and aircraft equipment; electrical systems and components for power quality, distribution and control; automotive engine air management systems, powertrain solutions and specialty controls for performance, fuel economy and safety; and intelligent truck drivetrain systems for safety and fuel economy. Eaton has 55,000 employees and sells products to customers in more than 100 countries.
Source: Eaton Corporation plc