MINNEAPOLIS--(BUSINESS WIRE)--Mar. 16, 2009--
Pentair, Inc. (NYSE:PNR) today announced that it is calling for
redemption of all of its outstanding 7.85% Senior Notes due October 15,
2009, CUSIP No. 709631AB1 (the “Notes”). As of the date hereof,
$133,900,000 in principal amount of the Notes remain outstanding.
The Notes will be redeemed on April 15, 2009 (the “Redemption Date”) at
a redemption price (“Redemption Price”) of the greater of (i) 100% of
the principal amount of the Notes to be redeemed or (ii) the sum of the
present values of the remaining scheduled payments of principal and
interest on the Notes (not including any portion of such payments of
interest accrued as of the date of redemption) discounted to the
Redemption Date on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) at the Adjusted Treasury Rate plus
25 basis points, plus, in each case, accrued interest thereon to the
Redemption Date. The Redemption Price will be finally determined on
April 9, 2009.
U.S. Bank National Association, as the trustee (the “Trustee”), is
sending a notice of redemption, dated March 13, 2009 (the “Notice”), to
the registered holders of the Notes. Copies of the Notice may be
obtained from the Trustee at: (800) 934-6802. On or before the
Redemption Date, the Notes should be presented to the Trustee at the
address set forth in the Notice. The Notes will cease to accrue interest
as of April 15, 2009. Notes held in book-entry form will be redeemed in
accordance with the procedures of the Depository Trust Corporation.
The Company expects the benefit associated with lower interest rates to
offset the cost of early redemption. The Company intends to use funds on
hand and to be drawn under its existing credit facility to provide the
total amount of funds required for the purchase of the Notes in the
redemption. No other significant debt obligations mature until 2012.
The above-referenced CUSIP number is included solely for the convenience
of the holders of the Notes. No representation is made as to its
correctness. This press release shall not constitute an offer to sell,
or the solicitation of an offer to buy, any security and shall not
constitute an offer, solicitation or sale in any jurisdiction in which
such offer, solicitation or sale would be unlawful.
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 the breadth and severity of the global economic downturn; 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 2008 revenues of $3.35 billion, Pentair employs
approximately 15,000 people worldwide.
Source: Pentair, Inc.
Pentair, Inc.
Investor Relations:
Todd Gleason,
763-656-5570
E-mail: [email protected]