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.