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Pentair gets early tenders for €363.37 million 2.45% notes due 2019
By Susanna Moon
Chicago, June 6 – Pentair plc said subsidiary Pentair Finance Sarl obtained early tenders for €363,369,000 of its €500 million outstanding 2.45% senior notes due 2019.
As announced May 22, Pentair was offering to spend up to $400 million in the cash tender and then increased the aggregate purchase price to $440,830,644, according to a company update on Wednesday.
The tender offer will continue until 11:59 p.m. ET on June 19.
Tendered notes may no longer be withdrawn as of the early deadline.
Payment for the notes tendered by the early deadline of 5 p.m. ET on June 5 will be made on June 7.
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 principal amount is about $588.5 million as of May 18, based on the euro dollar exchange rate.
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 plc 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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