Eaton to offer $400 million of debt securities
CLEVELAND, OHIO…Eaton Corporation (NYSE:ETN) today announced that it intends to issue $200 million of notes due November 2004 and $200 million of debentures due November 2029. A registration statement relating to the securities has been filed with the Securities and Exchange Commission and has been declared effective.
Goldman, Sachs & Co. and Chase Securities Inc. have been named as underwriters for the transaction. The offer will be made only by a prospectus, a copy of which is available in preliminary form through their offices:
Goldman, Sachs & Co. 85 Broad Street New York, New York 10004 Chase Securities Inc. 270 Park Avenue, 8th floor New York, New York 10017
Eaton said that it intends to use the net proceeds from the sale of the notes and debentures to reduce its outstanding commercial paper, most of which was issued in connection with its acquisition of Aeroquip-Vickers, Inc. The terms of the securities will be determined upon pricing.
Eaton is a global manufacturer of highly engineered products that serve industrial, vehicle, construction, commercial, aerospace and semiconductor markets. Principal products include hydraulic products and fluid connectors, electrical power distribution and control equipment, truck drivetrain systems, engine components, ion implanters and a wide variety of controls. Headquartered in Cleveland, the company has 64,000 employees and 205 manufacturing sites in 25 countries around the world. Eaton's sales for 1998 were $6.6 billion. On April 9, 1999, Eaton acquired Aeroquip-Vickers, Inc., which had sales of $2.1 billion in 1998.