MINNEAPOLIS--(BUSINESS WIRE)--July 21, 2008--Pentair, Inc.
(NYSE:PNR) today announced the total consideration to be paid pursuant
to its cash tender offer (the "Tender Offer") for all of its 7.85%
Senior Notes due 2009:
Company Name: Pentair, Inc.
Coupon: 7.85 percent
Maturity: October 15, 2009
CUSIP: 709631AB1
Commencement: July 8, 2008
Expiration Date: August 4, 2008
Reference Security Yield: 2.675 percent
Fixed Spread (bps): +175
Tender Offer Yield: 4.425 percent
Total Consideration Excluding Accrued $1,040.48 per $1,000
Interest: principal
Early Settlement Date: July 22, 2008
Accrued Interest Payable on Early $21.15 per $1,000 principal
Settlement Date:
Final Settlement Date: Expected to be August 5,
2008
Accrued Interest Payable on Expected $23.99 per $1,000 principal
Final Settlement Date:
The Tender Offer is being made upon the terms and subject to the
conditions set out in Pentair's Offer to Purchase dated July 8, 2008
and the related Letter of Transmittal, as amended by its press release
dated July 17, 2008.
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; 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, Inc.
Investor Relations:
Todd Gleason, 763-656-5570
E-mail: [email protected]
or
Communications:
Rachael Jarosh, 763-656-5280
E-mail: [email protected]
SOURCE: Pentair, Inc.