nVent prices $800M in senior notes to fund Maverick acquisition
What's the deal? nVent ElectricDealroom has a profile for this one. Try Dealroom → priced an $800 million offering of 6.150% senior notes due 2036, issued through its subsidiary Hoffman SchroffDealroom has a profile for this one. Try Dealroom →. The company said the debt will help fund its acquisition of MaverickDealroom has a profile for this one. Try Dealroom →. The offering is expected to close on September 29.
Why now? The senior notes are one piece of a larger financing package. nVentDealroom has a profile for this one. Try Dealroom → and its subsidiaries also plan to raise a $600 million three-year term loan alongside the notes.
What's the endgame? The proceeds are earmarked for the Maverick deal, extending nVent's reach in electrical connection and protection products.
The signal: The $800 million raise ranks in the 91st percentile among all-time post-IPO debt rounds in the UK energy sector, based on a sample of 170 deals. That places nVent's financing among the largest of its kind, a sign of how established players are turning to debt markets to fund acquisitions.
Read more: seekingalpha.com
Image credit: hisperati
