nVent Prices $800M Senior Notes at 6.15% to Fund Maverick Power Deal
NVT sits 57% above its 52-week low of $93.22.
Summary
nVent priced $800 million of 10-year senior notes at 6.150% to help fund its $1.75 billion acquisition of Maverick Power. The financing package also includes a new $600 million delayed draw term loan and up to $250 million from an amended revolving facility. The notes carry a special mandatory redemption at 101% if the Maverick deal fails to close by November 20, 2026 (extendable to February 19, 2027). This follows the 424B5 filing earlier today that first disclosed the offering; the pricing terms are now final. The acquisition was announced on August 24 and is expected to close in the coming months.
At the time of this announcement, NVT was trading at $146.81 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $23.8B. The 52-week trading range was $93.22 to $184.64. This news item was assessed with neutral market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.