CLEVELAND -- Eaton Corp. has completed the refinancing of a $500 million, five-year revolving credit facility and has prefunded term debt maturities due in mid-2012.

The new $500 million revolving credit facility maintains Eaton’s long-term revolving credit facilities at a total of $1.5 billion. The revolving credit facilities are used to support commercial paper borrowings. The new facility will expire June 16, 2016, replacing a $500 million facility that had been set to expire on Sept. 1.

Additionally, Eaton issued $300 million of floating rate notes, maturing June 16, 2014. These notes will bear interest at a spread to 3-month LIBOR of 33 basis points, initially set at 0.575 percent. With this issuance, Eaton says it has taken advantage of historically low interest rates to prefund the maturity of its $300 million, 5.75 percent notes due in July 2012.