US diversified industrial manufacturer Eaton Corporation (Eaton Corporation) today announced that it has completed scale with up to $ 500 million revolving credit financing activities, in order to replace the amount will be September 1, 2011 due to $ 500 million Financing agreement. It is reported that the new financing agreement will expire on June 16, 2016 for a period of five years. It is understood that this commercial bill borrowing of up to 500 million U.S. dollars in revolving credit financing will be part of Eaton’s long-term revolving credit financing activities and will be used as a guarantee for the company’s US$1.5 billion commercial paper loan. At the same time, the company also said that it had completed its prior financing for regular debt due in mid-2012. According to the company, it also issued a $300 million floating-rate bond. These floating rate bonds will mature on June 16, 2014, and will be based on the three-month London Interbank Offered Rate (LIBOR) plus 33 basis points to calculate the interest rate. Interest is initially set at 0.575%. . Eaton said that through this financing activity, the company completed a pre-financing of a $300 million bond due in July 2012 at a lower interest rate (5.75% interest rate).
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