Pentair enters $600M term loan facility to partially fund Manitowoc Ice acquisition

PENTAIR plc

$600M senior unsecured term loan facility arranged; no loans drawn as of March 24, 2022.
Facility matures 5 years from draw; amortization: 0% year 1, 2.5% year 2, 5% thereafter.
Covenants: leverage < 3.75x net debt/EBITDA (4.25x for acquisitions) and interest coverage > 3.0x.
Loans conditioned on closing of $1.6B Manitowoc Ice acquisition and other standard conditions.
Pentair Finance is borrower; Pentair plc guarantees the facility.

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