GOLDEN VALLEY, Minn., July 25 /PRNewswire-FirstCall/ -- Pentair
(NYSE: PNR) today announced that it has completed two new financing
arrangements totaling $700 million effective today. The new arrangements
comprise a $200 million private placement of senior notes with a 10-year
maturity, and a $500 million revolving credit facility with maturity in three
years. The new financings replace two existing credit facilities totaling
$632 million.
"These financing arrangements strengthen our financial position by
lengthening the maturities of our long-term debt and downsizing our revolving
credit facilities," said David D. Harrison, Pentair executive vice president
and chief financial officer. "These arrangements reinforce our
investment-grade profile, and will be adequate to meet Pentair's financing
needs for the foreseeable future."
Pentair ( http://www.pentair.com ) is a Minnesota-based manufacturer whose
core businesses compete in tools, water technologies, and enclosures markets.
The company employs 12,000 people in more than 50 locations around the world.
Any statements made about the company's anticipated financial results are
forward-looking statements subject to risks and uncertainties such as
continued economic growth; foreign currency effects; retail and industrial
demand; product introductions; and pricing and other competitive pressures.
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.
Contact: Mark Cain (763) 656-5278
SOURCE Pentair
CONTACT: Mark Cain of Pentair, +1-763-656-5278
Web site: http://www.pentair.com