nVent prices $800 million of bonds to support Maverick Power purchase

nVent ($NVT) priced $800 million of senior notes paying 6.15% and maturing in 2036. The proceeds are intended to help finance the previously agreed $1.75 billion acquisition of Maverick Power. The company also plans a $600 million three-year term loan and approximately $250 million of revolving-credit borrowing as part of the financing package.

The new development is the bond pricing, not a newly announced acquisition. Note settlement is expected subject to customary conditions, while the additional borrowing arrangements and transaction completion remain separate steps. The offering is not contingent on the acquisition closing. If the purchase fails to complete by the specified deadline, the notes are subject to special mandatory redemption at 101% of principal plus accrued interest.

Sources:

• nVent — senior notes pricing announcement