Investor Relations

News Release Details

Home Investor Relations News Releases News Release Details
Pentair Prices €500.0 Million Senior Notes Offering
09.14.2015

MANCHESTER, United Kingdom - September 14, 2015 - Pentair plc (NYSE: PNR) announced today that Pentair Finance S.A., a wholly-owned subsidiary of Pentair plc, priced a public offering of €500.0 million of 2.450% senior notes due 2019.  The notes will be fully and unconditionally guaranteed as to payment of principal and interest by Pentair plc and Pentair Investments Switzerland GmbH, a wholly-owned subsidiary of Pentair plc.  The offering is expected to close on September 17, 2015, subject to customary closing conditions. 

Pentair intends to use the net proceeds of the offering, together with the proceeds from Pentair Finance's previously priced offering of $500.0 million of 2.900% senior notes due 2018, $400.0 million of 3.625% senior notes due 2020 and $250.0 million of 4.650% senior notes due 2025 (the "Concurrent Offering") and borrowings under its revolving credit facility to finance the acquisition of ERICO Global Company ("ERICO"), including the repayment of outstanding ERICO debt, for $1.8 billion. 

The offering is not contingent upon the closing of the ERICO acquisition. If the ERICO acquisition does not close on or prior to December 31, 2015, Pentair will be required to redeem all of the notes at a redemption price equal to 101% of the principal amount of the notes, plus accrued and unpaid interest from the date of the initial issuance to, but excluding, the date of redemption.

Citigroup Global Markets Limited, J.P. Morgan Securities plc and Merrill Lynch International are the joint lead active book-running managers for the offering.

The offering is being made only by means of a prospectus supplement and accompanying prospectus, which are part of an effective shelf registration statement that Pentair plc, Pentair Finance S.A. and Pentair Investments Switzerland GmbH filed with the Securities and Exchange Commission, copies of which may be obtained by calling Citigroup Global Markets Limited toll-free at (800) 831-9146 or e-mailing at prospectus@citi.com, calling J.P. Morgan Securities plc collect at +44-207-134-2468 or calling Merrill Lynch International toll-free at (800) 294-1322 or emailing at dg.prospectus_requests@baml.com.  An electronic copy of the prospectus supplement and accompanying prospectus is available from the Securities and Exchange Commission's website at www.sec.gov.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor will there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

ABOUT PENTAIR PLC
Pentair plc delivers industry-leading products, services and solutions for its customers' diverse needs in water and other fluids, thermal management and equipment protection. With 2014 revenues of $7.0 billion, Pentair employs approximately 30,000 people worldwide.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains statements that we believe to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact are forward-looking statements. Without limitation, any statements preceded or followed by or that include the words "targets," "plans," "believes," "expects," "intends," "will," "likely," "may," "anticipates," "estimates," "projects," "should," "would," "positioned," "strategy," "future" or words, phrases or terms of similar substance or the negative thereof, are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond our control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the ability to successfully complete the ERICO acquisition on anticipated terms and timetable; the ability to successfully integrate and achieve the expected benefits of the ERICO acquisition; risks related to any unforeseen liabilities of ERICO; the ability to achieve the benefits of planned cost take-out actions; the ability to successfully identify, complete and integrate acquisitions; overall global economic and business conditions; competition and pricing pressures in the markets we serve; the strength of housing and related markets; volatility in currency exchange rates and commodity prices; inability to generate savings from excellence in operations initiatives consisting of lean enterprise, supply management and cash flow practices; increased risks associated with operating foreign businesses; the ability to deliver backlog and win future project work; failure of markets to accept new product introductions and enhancements; the ability to successfully complete the disposition of the remaining portion of the Water Transport business on anticipated terms and timetable; the impact of changes in laws and regulations, including those that limit U.S. tax benefits; the outcome of litigation and governmental proceedings; and the ability to achieve our long-term strategic operating goals. Additional information concerning these and other factors is contained in our filings with the U.S. Securities and Exchange Commission, including in our 2014 Annual Report on Form 10-K. All forward-looking statements speak only as of the date of this press release. We assume no obligation, and disclaim any obligation, to update the information contained in this press release.

###


PENTAIR CONTACTS:
Rebecca Osborn
Media Relations
Direct: 763-656-5580
Email:  rebecca.osborn@pentair.com

Jim Lucas
Vice President, Investor Relations & Strategic Planning
Direct: 763-656-5575
Email: jim.lucas@pentair.com


HUG#1951987
Categories: Press Releases