A subsidiary of Bermuda-incorporated Cooper Industries Limited is raising $300 million to pay maturing long-term debts by issuing senior unsecured notes that will become due in 2017.

Cooper US Inc. has issued $300 million of senior unsecured fixed rate notes which have an interest coupon of 6.10 percent. Combined with interest rate hedges implemented in anticipation of the offering, this debt will have an effective annual cost to Cooper of 5.75 percent.

Cooper Industries is a global manufacturer with 2006 revenues of $5.2 billion, approximately 85 percent of which are from electrical products. It is incorporated in Bermuda with administrative headquarters in Houston and employs approximately 31,000 people across eight divisions.