Pentair unit settles exchange offer for 74.61% of 5% notes due 2021

By Susanna Moon

Chicago, Dec. 18 - Pentair Ltd. said its subsidiary Pentair Finance SA obtained tenders for 74.61% of the $500 million of 5% senior notes due 2021 issued by indirect subsidiary Pentair, Inc.

The exchange offer ended at 11:59 p.m. ET on Dec. 17, with settlement on Dec. 18.

As noted before, holders will receive $1,000 of new notes plus $10.00 in cash for each $1,000 principal amount of existing notes tendered by the end of the offer.

The company extended the early tender date on Dec. 4 to coincide with the end of the offer so that holders could receive the total payment regardless of when they tendered their notes in the exchange offer.

Originally, those who tendered after the early date would have received $970 principal amount of new notes and $10.00 in cash.

As of 5 p.m. ET on Dec. 3, the original early tender date, holders had tendered 74.71% of the notes, which was enough to amend the notes.

Pentair Finance solicited consents to amend the notes. Holders gave their consents to the proposed amendments by tendering their notes.

As announced on Nov. 19, the notes were exchanged for new 5% senior notes due 2021 issued by Pentair Finance and guaranteed by the parent company. The new notes were offered only to qualified institutional buyers under Rule 144A of the Securities Act of 1933.

D.F. King & Co., Inc. (800 488-8075 or collect 212 269-5550) is the information agent.

Minneapolis-based Pentair is an industrial manufacturing company.

© 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.