MINNEAPOLIS, May 9, 2011 /PRNewswire/ -- Pentair, Inc. (NYSE: PNR), announced today that it had completed its previously announced public offering of $500 million principal amount senior notes due 2021 that bear interest at a rate of 5.000%. The notes are fully and unconditionally guaranteed on a senior unsecured basis by certain of Pentair's subsidiaries.
Pentair received approximately $494.8 million of net proceeds from the offering after deducting underwriting discounts and commissions and other expenses of the offering. Pentair intends to use the net proceeds of the offering to finance in part the Clean Process Technologies acquisition and pay related fees and expenses. Any remaining net proceeds will be used for general corporate purposes.
J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and U.S. Bancorp Investments, Inc. served as the joint book-running managers for the offering.
About Pentair, Inc.
Pentair is a global diversified industrial company headquartered in Minneapolis, Minnesota. Its Water Group is a global leader in providing innovative products and systems used worldwide in the movement, treatment, storage and enjoyment of water. Pentair's Technical Products Group is a leader in the global enclosures and thermal management markets, designing and manufacturing thermal management products and standard, modified, and custom enclosures that protect sensitive electronics and the people that use them.
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Tel.: (763) 656-5575
SOURCE Pentair, Inc.