Pentair starts $400 million cash tender for 2.45% notes due 2019

By Susanna Moon

Chicago, May 22 – Pentair plc said subsidiary Pentair Finance Sarl is offering to spend up to $400 million in a cash tender for its €500 million outstanding 2.45% senior notes due 2019.

The principal amount is about $588.5 million as of May 18, based on the euro dollar exchange rate.

The early tender purchase price will be 103.531% of par assuming an early settlement date of June 7 and the final purchase price will be 100.531%.

Holders must tender before 5 p.m. ET on June 5 to receive the early tender purchase price, which will be set using a fixed purchase yield of negative 0.3% and also includes an early tender premium of €30.00 per €1,000 principal amount.

The tender offer will end at 11:59 p.m. ET on June 19.

Pentair expects to fund the notes purchase with cash on hand, including proceeds received from a cash transfer to Pentair Finance by a subsidiary of nVent Electric plc in connection with the distribution of nVent Electric and if needed revolver drawdowns, according to a company announcement.

The final settlement date will be June 21.

The lead dealer manager is Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106). The information agent is Global Bondholder Services Corp. (866 470-3800, 212 430-3774 or contact@gbsc-usa.com).

Pentair is a Minneapolis-based company mostly providing equipment related to water.

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