PRICING SUPPLEMENT NO. 7 Rule 424(b)(2)
TRADE DATE: September 28, 2001 Registration Nos. 333-47955
(To Prospectus Supplement dated April 6, 1998 333-02761
including the Prospectus dated March 23, 1998) CUSIP No. 70109HAG0
PARKER-HANNIFIN CORPORATION
MEDIUM-TERM NOTES
Due More Than Nine Months from Date of Issue
Floating Rate Note ( X ) ___% Fixed Rate Note ( )
Principal Amount: $200,000,000 Issue Price: 100%
Original Issue Date: October 1, 2001 Specified Currency: U.S. Dollars
Interest Accrual Date: October 1, 2001 Maturity Date: October 1, 2003
Redemption Date(s): N/A New Maturity Notice of Renewal
Redemption Price(s): N/A Date(s): None Date(s): None
Authorized Denominations (if other than denominations of
$1,000 and integral multiples of $1,000 in excess thereof in
U.S. Dollars): N/A
Interest Payment Period:
Quarterly
Repayment Date(s): None Interest Payment Dates:
Repayment Price(s): None January 1, April 1, July 1
and October 1
Total Amount of OID: N/A
Yield to Maturity: N/A Global Security: (X) Yes ( ) No
Initial Accrual Period OID: N/A Exchange Rate Agent: N/A
Method Used to Determine Yield to Historical Exchange Rate: N/A
Maturity and Initial
Accrual Period OID: N/A
(Only applicable to Floating Rate Notes): Spread (plus or minus): plus 80 b.p.
Initial Interest Rate: 3.40% Spread Multiplier: N/A
Index Maturity: 3 months Maximum Interest Rate: N/A
Base Rate(s): LIBOR Minimum Interest Rate: N/A
If LIBOR, Designated LIBOR Page: Calculation Rate Agent: National City Bank
( ) LIBOR Reuters
(X) LIBOR Telerate Name of Agents: Morgan Stanley & Co. Incorporated
Index Currency: U.S. Dollars Agents' Aggregate Discount or Commission:
Interest Reset Period: Quarterly $500,000
Interest Reset Dates: January 1, April 1, Net Proceeds to Co.: $199,500,000.00
July 1 and October 1
( ) Agent is acting as Agent for the sale of the Notes by the Company at a price to the public of ( ) 100% of the Principal Amount
or ( ) ___% of the Principal Amount.
(X) Agent is purchasing the Notes from the Company as Principal for resale to Investors and other purchasers at (X) a fixed initial
public offering price of 100% of the principal amount; ( ) a fixed initial public offering price of ___% of the principal amount;
or ( ) varying prices relating to prevailing market prices at time of resale as determined by the Agent.
Additional Terms: None
Recent Development: On September 27, 2001, a rating agency announced that they
had placed the Company's debt ratings under review for possible downgrade.