Hubbell Prices $1.9 Billion Senior Notes to Fund NSI Acquisition
HUBB sits 28% above its 52-week low of $374.68.
Summary
Hubbell Inc. has priced a $1.9 billion senior notes offering. This capital raise is a critical step in financing the company's previously announced $3 billion all-cash acquisition of NSI Industries. Combined with the $900 million unsecured term loan secured on May 15th, this offering largely completes the funding for the acquisition. While increasing the company's debt, it provides the necessary liquidity for this strategic expansion.
At the time of this announcement, HUBB was trading at $480.46 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $25.4B. The 52-week trading range was $374.68 to $565.50. This news item was assessed with neutral market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.