Pentair Prices $400 Million Senior Notes Offering
June 12 2019 - 5:34PM
Business Wire
Pentair plc (NYSE: PNR) announced today that Pentair Finance S.à
r.l., a wholly-owned subsidiary of Pentair plc, priced a public
offering of $400 million of 4.500% senior notes due 2029. 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 June 21, 2019, subject to
customary closing conditions. Pentair intends to use the net
proceeds of the offering to repay outstanding commercial paper
issued by Pentair Finance S.à r.l. and for general corporate
purposes.
J.P. Morgan Securities LLC, BofA Securities, Inc. and Citigroup
Global Markets Inc. 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.à r.l. and Pentair Investments Switzerland GmbH filed
with the Securities and Exchange Commission, copies of which may be
obtained by calling J.P. Morgan Securities LLC collect at (212)
834-4533, calling BofA Securities, Inc. toll-free at (800) 294-1322
or emailing at dg.prospectus_requests@baml.com or calling Citigroup
Global Markets Inc. toll-free at (800) 831-9146 or e-mailing at
prospectus@citi.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 PLCAt Pentair, we believe the health of our
world depends on reliable access to clean water. We deliver a
comprehensive range of smart, sustainable water solutions to homes,
business and industry around the world. Our industry leading and
proven portfolio of solutions enables our customers to access
clean, safe water. Whether it’s improving, moving or enjoying
water, we help manage the world’s most precious resource. Smart,
Sustainable, Water Solutions. For Life.
Pentair had revenue in 2018 of $3 billion, and trades under the
ticker symbol PNR. With approximately 110 locations in 30 countries
and 10,000 employees, we believe that the future of water depends
on us.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTSThis 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 overall global economic and
business conditions impacting our business, including the strength
of housing and related markets; demand, competition and pricing
pressures in the markets we serve; volatility in currency exchange
rates; failure of markets to accept new product introductions and
enhancements; the ability to successfully identify, finance,
complete and integrate acquisitions; the ability to successfully
integrate the Aquion, Inc. and Pelican Water Systems acquisitions;
the ability to achieve the benefits of our restructuring plans and
cost reduction initiatives; risks associated with operating foreign
businesses; the impact of material cost and other inflation; the
impact of seasonality of sales and weather conditions; our ability
to comply with laws and regulations; the impact of changes in laws,
regulations and administrative policy, including those that limit
U.S. tax benefits or impact trade agreements and tariffs; the
outcome of litigation and governmental proceedings; the ability to
realize the anticipated benefits from the separation of our
Electrical business from the rest of Pentair; 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 2018 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.
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PENTAIR CONTACTS:Jim LucasSenior Vice President, Investor
Relations and TreasurerDirect: 763-656-5575Email:
jim.lucas@pentair.com
Rebecca OsbornSenior Manager, External CommunicationsDirect:
763-656-5589Email: rebecca.osborn@pentair.com
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