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Today we'll evaluate Columbus Energy S.A. (WSE:CLC) to determine whether it could have potential as an investment...
Moody's Investors Service (Moody's) assigned Baa1 senior unsecured ratings to Parker-Hannifin Corporation's (Parker-Hannifin) recently announced multi-tranche, benchmark-sized bond issuances. The proceeds from this issuance, along with a delayed-draw term loan (unrated) and commercial paper borrowings, are expected to fund the nearly $3.7 billion acquisition of LORD Corporation (LORD) that was announced April 2019 and is expected to close late-2019. Parker-Hannifin's Baa1 senior unsecured rating reflects the company's position as a leading supplier of motion and control systems and components, with considerable scale - pro forma revenues approaching $16 billion - and largely favorable long-term market opportunities, as indicated by a solid organic growth rate trend that is expected to be 2% - 4% over the next couple of years.
Moody's Investors Service (Moody's) affirmed the senior unsecured rating of Parker-Hannifin Corporation (Parker-Hannifin) at Baa1 and affirmed the short-term Commercial Paper rating at P-2. The rating affirmations follow the company's announcement to acquire privately-held and unrated LORD Corporation (LORD), a provider of materials science and motion control technologies, for approximately $3.7 billion. Furthermore, post-acquisition leverage will remain high relative to similarly-rated industrial peers well into the second year of the merger (which could be Parker-Hannifin's fiscal year 2021).