Pentair Completes $800 Million Refinancing
Pentair announced that it completed a new credit facility totalling $800 million effective Friday, March 4.
The new financing comprises a revolving credit facility with maturity in five years and includes multi-currency sub-facilities to support investment outside the U.S. The new financing replaces an existing credit facility totaling $500 million.
"This financing arrangement strengthens our financial position by lengthening the maturities of our long-term debt and providing greater flexibility in support of our international growth strategy," said David D. Harrison, Pentair executive vice president and chief financial officer. "This arrangement also reinforces our investment-grade profile, and we expect it to be adequate to meet Pentair's financing needs for the foreseeable future."
Source: Pentair plc.