MINNEAPOLIS--(BUSINESS WIRE)--July 17, 2008--Pentair, Inc.
(NYSE:PNR) today announced that it was increasing the total
consideration offered to holders of its 7.85% Senior Notes due 2009
(the "Notes") and making certain other amendments to its previously
announced Tender Offer. Capitalized terms used but not defined in this
release shall have the meanings given to them in the Pentair Offer to
Purchase dated July 8, 2008.
Pursuant to the terms of the Tender Offer as amended, the
following changes have been made:
i) The Fixed Spread used to calculate the Total
Consideration has been changed from 265 basis points to
175 basis points.
ii) Holders who tender their Notes at any time up to 12:00
Midnight, New York City time on August 4, 2008 will be
eligible to receive the total consideration (which
includes the Early Tender Premium of $30).
iii) The Minimum Tender Condition has been waived.
The Tender Offer is being made pursuant to an Offer to Purchase
and related Letter of Transmittal as amended by the press release.
Except as otherwise set forth in this press release, all of the terms
and conditions of the Tender Offer (including the Expiration Date and
date by which holders may validly withdraw their Notes) remain the
same. If you have already tendered your Notes, no further action is
required to receive the benefit of these amendments.
Questions concerning the terms of the tender offer may be directed
to the dealer manager, Banc of America Securities LLC at (888)
292-0070 (U.S. Toll-Free) or (704) 683-3215 (Collect). Copies of the
Offer to Purchase may be obtained by calling the information agent,
Global Bondholder Services Corporation at (866) 952-2200 (Toll Free)
or at (212) 430-3774 (banks and brokerage firms).
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
Any statements made about the company's anticipated financial
results are forward-looking statements subject to risks and
uncertainties such as continued economic growth, including: the
strength of housing and related markets; the ability to integrate
acquisitions successfully and the risk that expected synergies may not
be fully realized or may take longer to realize than expected; the
ability to successfully limit any judgment arising out of the Horizon
litigation; foreign currency effects; retail and industrial demand;
product introductions; and pricing and other competitive pressures, as
well as other risk factors set forth in our SEC filings.
Forward-looking statements included herein are made as of the date
hereof, and the company undertakes no obligation to update publicly
such statements to reflect subsequent events or circumstances. Actual
results could differ materially from anticipated results.
ABOUT PENTAIR, INC.
Pentair (www.pentair.com) is a diversified operating company
headquartered in Minnesota. Its Water Group is a global leader in
providing innovative products and systems used worldwide in the
movement, treatment, storage and enjoyment of water. Pentair's
Technical Products Group is a leader in the global enclosures and
thermal management markets, designing and manufacturing thermal
management products and standard, modified, and custom enclosures that
house and protect sensitive electronics and electrical components.
With 2007 revenues of $3.30 billion, Pentair employs approximately
16,000 people worldwide.
CONTACT: Pentair
Investor Relations:
Todd Gleason, 763-656-5570
[email protected]
Communications:
Rachael Jarosh, 763-656-5280
[email protected]
SOURCE: Pentair, Inc.