Pentair gets $200 million term loans due 2023 at Libor plus 112.5 bps

By Angela McDaniels

Tacoma, Wash., Dec. 6 – Pentair Finance Sarl, Pentair plc and Pentair, Inc. amended their credit agreement on Dec. 2 to provide for $200 million of term loans due April 25, 2023, according to an 8-K filing with the Securities and Exchange Commission.

The term loans are in addition to the $900 million of revolving credit commitments currently in effect under the credit agreement.

The interest rate is Libor plus 112.5 basis points for the term loans and Libor plus 120 bps for the revolver. The margin ranges from 75 bps to 150 bps for the term loans and from 90 bps to 150 bps for the revolver. The applicable margin is based on, at Pentair Finance’s election, Pentair’s leverage level or Pentair Finance’s public credit rating.

Pentair Finance has the option to request to further increase the credit facility by up to $300 million via increases to the revolver and/or one or more tranches of additional term loans.

As of Dec. 2, the total amount of loans outstanding under the credit facility was $204.4 million, comprised of $4.4 million of loans under the revolver and the $200 million of term loans.

Pentair Finance also has a commercial paper facility under which it is required to maintain availability under the revolver in an amount at least equal to the amount outstanding under the commercial paper facility, which was $239.8 million as of Dec. 2.

J.P. Morgan Chase Bank, NA is the administrative agent.

Pentair is a water technology company based in London and has three reportable business segments: aquatic systems, filtration solutions and flow technologies.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.