Shearman And Sterling

News August 23, 2022

Eaton Corporation's $2 Billion Fixed-Rate and Sustainability-Linked Bond Financing

Shearman & Sterling represented the underwriters in connection with Eaton Corporation's offering of $1.3 billion aggregate principal amount of its 4.150% Sustainability-Linked Notes due 2033 and $700 million aggregate principal amount of its 4.700% senior notes due 2052, totaling $2 billion aggregate principal amount.

The proceeds of the offering of the notes will be used to redeem the Company’s outstanding 2.750% senior notes due 2022 and 3.68% senior notes due 2023 and for general corporate purposes. This is the first sustainability-linked bond issued by Eaton Corporation and marks a new step forward in the Company's commitment to science-based targets to mitigate climate change.

Eaton Corporation is a power management company with 2021 reported revenues of $19.6 billion. Eaton provides sustainable solutions that help its customers effectively manage electrical, hydraulic and mechanical power – more safely, more efficiently and more reliably. Eaton's mission is to improve the quality of life and the environment through the use of power management technologies and services. Eaton has approximately 85,000 employees in 60 countries and sells products to customers in more than 175 countries.

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