Pentair enters into amended $2.1 billion revolving credit facility

By Jennifer Chiou

New York, Oct. 9 – Pentair plc entered into on Oct. 3 an amended and restated credit agreement providing for a revolving credit facility with an initial maximum aggregate amount of availability of $2.1 billion, according to an 8-K filing with the Securities and Exchange Commission.

Bank of America, NA is the administrative agent.

Pentair plc and Pentair Investments Switzerland GmbH are the guarantors, and Pentair Finance, SA and Pentair, Inc. are the borrowers.

The revolver matures on Oct. 3, 2019.

Borrowings bear interest at Libor plus 91 bps to 150 bps, depending on the company’s credit ratings.

The facility fee is 9 bps to 25 bps.

The credit agreement contains various restrictions and covenants. Among them, Pentair must keep a leverage ratio for the four consecutive fiscal quarters then ended of no more than 3.50 to 1.00.

Borrowings will go towards working capital, capital expenditures and general corporate purposes.

Manchester, U.K.-based Pentair is a diversified industrial manufacturing company.

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