GOLDEN VALLEY, Minn., March 7, 2005 /PRNewswire-FirstCall via COMTEX/ -- Pentair
(NYSE: PNR) today announced that it completed a new credit facility totaling
$800 million effective Friday, March 4. The new financing comprises a
revolving credit facility with maturity in five years and includes
multi-currency sub-facilities to support investment outside the U.S. The new
financing replaces an existing credit facility totaling $500 million.
"This financing arrangement strengthens our financial position by
lengthening the maturities of our long-term debt and providing greater
flexibility in support of our international growth strategy," said David D.
Harrison, Pentair executive vice president and chief financial officer. "This
arrangement also reinforces our investment-grade profile, and we expect it to
be adequate to meet Pentair's financing needs for the foreseeable future."
About Pentair, Inc.
Pentair ( http://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 Enclosures Group is a leader in the
global enclosures market, designing and manufacturing standard, modified and
custom enclosures that house and protect sensitive electronics and electrical
components. With 2004 revenues of $2.28 billion, or $2.76 billion on a pro
forma basis, Pentair has approximately 13,000 employees worldwide.
SOURCE Pentair, Inc.
CONTACT:
Rachael Jarosh
Communications
+1-763-656-5280
[email protected]
Mark Cain
Investor Relations
+1-763-656-5278
[email protected]
both of Pentair, Inc.