nVent Electric said its subsidiary Hoffman Schroff priced an $800M offering of 6.150% senior notes due 2036, with the deal expected to close on September 29. The notes offering is part of a broader financing package that also includes a planned $600M three-year term loan and up to $250M in additional revolving credit borrowings. That financing, together with cash on hand and potentially a bridge loan, will be used primarily to fund nVent's planned $1.75B acquisition of Maverick Power and related costs. The notes offering is not contingent on the acquisition closing, but if the deal does not close by the applicable deadline, nVent must redeem the outstanding notes at 101% of principal plus accrued interest.
nVent Electric PLCnVent prices $800M senior notes and arranges term loan/revolver financing to fund the $1.75B Maverick Power acquisition.
Maverick Power is the acquisition target being funded by nVent's $1.75B deal, but the article gives no standalone impact on Maverick itself.
