SCHAFFAUSEN, Switzerland,
Nov. 19, 2012 /PRNewswire/ -- Pentair
Ltd. (NYSE: PNR) today announced that Pentair Finance S.A., a
wholly-owned subsidiary of Pentair Ltd., priced $350 million of 1.350% senior notes due 2015 (the
"2015 Notes") and $250 million of
2.650% senior notes due 2019 (the "2019 Notes" and, together with
the 2015 Notes, the "notes") in a private offering to qualified
institutional buyers pursuant to Rule 144A under the Securities Act
of 1933, and in offshore transactions pursuant to Regulation S
under the Securities Act. The 2015 Notes were priced at
99.962% and the 2019 Notes were priced at 99.765%. The notes will
be unsecured and will be guaranteed as to payment of principal and
interest by Pentair Ltd. The offering is expected to close on
November 26, 2012.
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Pentair Finance intends to use the net proceeds from the sale of
the notes to repay commercial paper as it becomes due and for
general corporate purposes.
The notes have not been registered under the Securities Act of
1933 or the securities laws of any state and may not be offered or
sold in the United States absent
registration or an exemption from the registration requirements of
the Securities Act and applicable state securities laws. This
press release does not constitute an offer to sell or the
solicitation of an offer to buy the notes, nor shall there be any
sale of the notes, in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such
jurisdiction.
Forward-Looking Statements
This press release contains statements that Pentair believes to be
"forward-looking statements" within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. All statements other than
statements of historical fact, including, without limitation,
statements regarding the anticipated benefits of the merger or
Pentair's anticipated financial results, are forward-looking
statements. Without limitation, any statements preceded or followed
by or that include the words "targets", "plans", "believes",
"expects", "intends", "will", "likely", "may", "anticipates",
"estimates", "projects", "should", "would", "expect", "positioned",
"strategy", "future" or words, phrases or terms of similar
substance or the negative thereof, are forward-looking statements.
These forward-looking statements are not guarantees of future
performance and are subject to risks, uncertainties, assumptions
and other factors, some of which are beyond Pentair's control,
which could cause actual results to differ materially from those
expressed or implied by such forward-looking statements. These
factors include the ability to successfully integrate Pentair and
the flow control business and achieve expected benefits from the
merger; overall global economic and business conditions;
competition and pricing pressures in the markets Pentair serves;
the strength of housing and related markets; volatility in currency
exchange rates and commodity prices; inability to generate savings
from excellence in operations initiatives consisting of lean
enterprise, supply management and cash flow practices; increased
risks associated with operating foreign businesses; the ability to
deliver backlog and win future project work; failure of market to
accept new product introductions and enhancements; the impact of
changes in laws and regulations, including those that limit U.S.
tax benefits; the outcome of litigation and governmental
proceedings; and the ability to achieve Pentair's long-term
strategic operating goals. Additional information concerning these
and other factors is contained in Pentair's filings with the U.S.
Securities and Exchange Commission, including in Pentair's
Quarterly Report on Form 10-Q for the quarter ended September 29, 2012. All forward-looking
statements speak only as of the date of this press release. Pentair
assumes no obligation, and disclaims any obligation, to update the
information contained in this press release.
About Pentair Ltd.
Pentair Ltd. delivers industry-leading products, services and
solutions for its customers' diverse needs in water and other
fluids, thermal management and equipment protection.
Pentair Contacts:
Jim Lucas
Vice President, Investor Relations
Tel.: (763) 656-5575
E-mail: jim.lucas@pentair.com
Betsy Day
Manager, Corporate Communications
Tel.: 763-656-5537
Email: betsy.day@pentair.com
SOURCE Pentair Ltd.