PENTAIR plc 8-K

What Happened PENTAIR plc (Pentair) filed an 8-K on May 6, 2026 reporting that on May 5, 2026 it amended its Second Amended and Restated Credit Agreement to add a new $500 million term loan facility. The amendment refinanced the term loans under Pentair’s March 24, 2022 loan agreement, which was prepaid in full and terminated concurrent with the amendment. As of the May 5, 2026 closing date, there was $500 million of term loans outstanding and $628.6 million outstanding under the existing $900 million revolving credit facility.

Key Details

• Borrowers/guarantor: Pentair Finance S.à r.l. and Pentair, Inc. are borrowers; PENTAIR plc is guarantor. Amendment effective May 5, 2026.
• Amounts & structure: $500.0M Term Loan Facility plus existing $900M Revolving Facility (revolver outstanding $628.6M at closing).
• Pricing, maturity & amortization: Interest = adjusted base rate/Term SOFR/EURIBOR (or ESTR for euro swingline) + margin; maturity generally May 5, 2030. Term loan amortizes starting June 30, 2027 ($3.125M quarterly through 3/31/2028; $6.25M quarterly thereafter).
• Covenants & defaults: Leverage covenant — consolidated net debt / EBITDA ≤ 3.75:1 (option to elect 4.25:1 for limited periods with conditions); interest coverage — EBITDA / cash interest ≥ 3.00:1. Facilities contain customary covenants, events of default and acceleration rights.

Why It Matters This amendment refines Pentair’s senior credit profile by replacing its 2022 term loan with a new $500M tranche inside the existing credit agreement, confirming available committed financing and changing its repayment schedule. Investors should note the current outstanding revolver balance ($628.6M) and the financial covenants (leverage and interest coverage) that can affect flexibility for dividends, share buybacks, acquisitions or additional borrowing if performance weakens. The facilities are guaranteed by Pentair and include standard default and acceleration provisions that could require immediate repayment if triggered.