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On December 1, 2016, Parker Hannifin Corporation and CLARCOR Inc. announced that the companies have entered into a definitive agreement under which Parker will acquire CLARCOR for approximately $4.3 billion in cash, including the assumption of net debt. The transaction has been unanimously approved by the board of directors of each company. Upon closing of the transaction, expected to be completed by or during the first quarter of Parker’s fiscal year 2018, CLARCOR will be combined with Parker’s Filtration Group to form a leading and diverse global filtration business. Bass, Berry & Sims has served CLARCOR as primary corporate and securities counsel for 10 years and served as lead counsel on this transaction. Read more here.

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Securities Law Exchange BlogSecurities Law Exchange blog offers insight on the latest legal and regulatory developments affecting publicly traded companies. It focuses on a wide variety of topics including regulation and reporting updates, public company advisory topics, IPO readiness and exchange updates including IPO announcements, M&A trends and deal news.

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Jeff Oldham on Proposed Exception to Tennessee’s Usury Law and Nashville Convention Center Bond Financing

Media Mentions

March 4, 2010

Bass, Berry & Sims attorney Jeff Oldham, chair of the firm's Public Finance Practice, discusses the impact of a proposed exception to Tennessee Usury Law and the bond financing for the new Nashville Convention Center for The Bond Buyer. The article by Shelly Sigo, titled "Nashville Convention Deal Waits on Change to State’s Usury Law," appears in the March 3, 2010 issue.

From the article:

But Nashville has asked lawmakers for an exception to the usury law because it is unclear whether the 35% interest subsidy for BABs from the U.S. Treasury can be included in the interest-rate calculation, said Jeff Oldham, the authority’s bond counsel at Bass Berry & Sims PLC.

"This is just a clarification of state law to make sure BABs and their higher stated coupons don't trip up against a technical usury statute," he said. "BABs offer us a good deal and because of the way they are structured with a taxable interest rate, we don’t want to go into a market with any doubts."

Tennessee has had a usury law since 1979 regulating the maximum interest rate on muni bonds. The law was instituted when the prime and interest rates were much higher. The current rate is 4% over the prime rate, or 7.25%, said Mary-Margaret Collier, director of the state's Division of Bond Finance.

With permission of © 2010 The Bond Buyer and SourceMedia Inc., All rights reserved.


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