Hubbell Completes $1.9 Billion Senior Notes Offering for NSI Acquisition
HUBB sits 27% above its 52-week low of $380.86.
Summary
Hubbell has completed its $1.9 billion senior notes offering, securing approximately $1.87 billion in net proceeds. This capital raise is a critical component of the $3 billion all-cash acquisition of NSI Industries, which was announced on May 4th. The completion of this offering, following the pricing on June 2nd and a $900 million term loan on May 15th, largely finalizes the debt financing for the acquisition. This significantly de-risks the funding aspect of the strategic acquisition, allowing Hubbell to proceed with the deal.
At the time of this announcement, HUBB was trading at $485.03 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $25.6B. The 52-week trading range was $380.86 to $565.50. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Wiseek News.