PENTAIR <PNTA> OFFERS TWO MLN PREFERRED SHARES
Pentair Inc is offering two mln shares
of 1.50 dlrs cumulative convertible preferred stock for 25 dlrs
a share, said underwriters Kidder Peabody and Co Inc and Piper
Jaffray and Hopwood Inc.
    The underwriters said the shares are convertible at any
time into Pentair common stock at 38.875 dlrs a share, subject
to adjustment.
    Proceeds from the offering will be used to repay bank
borrowings incurred in the acquisition of McNeil Corp in August
1986, the underwriters noted.
 Reuter
