Pentair Finance plans senior notes to fund Manitowoc Ice acquisition

By Devika Patel

Knoxville, Tenn., June 28 – Pentair Finance Sarl plans to offer senior notes, according to a 424B5 filed with the Securities and Exchange Commission.

The notes feature a make-whole call and then a par call.

J.P. Morgan Securities LLC, BofA Securities Inc. and Citigroup Global Markets Inc. are the bookrunners.

The notes are guaranteed by Pentair plc.

U.S. Bank Trust Co., NA is the trustee.

Counsel to the issuer is provided by Foley & Lardner LLP, Arthur Cox LLP and Allen & Overy Luxembourg. Counsel for the underwriters is provided by Cravath, Swaine & Moore LLP.

Proceeds will be used to finance Pentair Commercial Ice LLC’s planned acquisition of Welbilt, Inc.’s Manitowoc Ice business for $1.6 billion.

If the acquisition is not completed by Jan. 14, 2023, the company must redeem the notes.

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

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