MINNEAPOLIS--(BUSINESS WIRE)--Aug. 5, 2008--Pentair, Inc.
(NYSE:PNR) today announced that its cash tender offer for all of its
7.85% Senior Notes due 2009 (the "Notes") expired at 12:00 midnight,
New York City time on August 4, 2008. The tender offer was made
pursuant to an Offer to Purchase and related Letter of Transmittal
dated July 8, 2008 as amended by Pentair's press release dated July
17, 2008.
Pentair also announced that $116.1 million principal amount (of a
total outstanding principal amount of $250 million) of Notes had been
validly tendered in connection with the tender offer. Holders who
validly tendered their Notes in the tender offer will receive
$1,040.48 per $1,000 principal amount of Notes, plus accrued interest,
on the final settlement date, which is today, August 5, 2008.
Banc of America Securities LLC acted as dealer manager for the
tender offer. Global Bondholder Services Corporation acted as
information agent and depositary for the tender offer.
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; 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
E-mail: todd.gleason@pentair.com
or
Communications:
Rachael Jarosh, 763-656-5280
E-mail: rachael.jarosh@pentair.com
SOURCE: Pentair