nVent prices $800M in senior notes to fund Maverick Power acquisition

nVent Electric plc (NYSE: NVT) announced that Hoffman Schroff Holdings, Inc., an indirect wholly-owned subsidiary of nVent, priced a public offering of $800.0 million in 6.150% senior notes due 2036, according to a press release dated Sept. 15, 2026.

The notes will be guaranteed by nVent and nVent Finance S.à r.l., a wholly-owned subsidiary of nVent. The offering is expected to close on Sept. 29, 2026, subject to customary closing conditions.

In addition to the notes offering, Hoffman Schroff, nVent and nVent Finance intend to enter into a new senior unsecured delayed draw term loan facility of $600.0 million with a three-year maturity, as well as an amendment to their existing revolving credit facility permitting draws of up to $250.0 million.

The combined proceeds from the notes offering, the term loan facility, the revolving credit facility, cash on hand, and, if necessary, a committed bridge facility are intended to finance nVent's planned acquisition of Maverick Power, LLC for $1.75 billion, along with related fees and expenses.

The notes offering is not contingent on the closing of the Maverick Power acquisition. If the acquisition does not close by Nov. 20, 2026 — or by Feb. 19, 2027 at the latest if extended — Hoffman Schroff will be required to redeem all outstanding notes at 101% of the principal amount, plus accrued and unpaid interest.

BofA Securities, Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are serving as joint lead active book-running managers for the offering.

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