nVent Electric completes $800 million senior notes offering to fund Maverick Power acquisition

nVent Electric plc successfully completed an $800 million senior notes offering, with the proceeds earmarked for acquiring Maverick Power LLC. The offering, completed under an indenture on Tuesday, was facilitated by U.S. Bank Trust Company, National Association, as trustee. The notes, issued by Hoffman Schroff Holdings, Inc., are backed by nVent Electric and nVent Finance S.à r.l.

The securities, which mature on September 15, 2036, pay semi-annual interest beginning March 15, 2027. The interest rate is adjustable based on certain rating events. The notes can be redeemed at a make-whole price before June 15, 2036, and at 100% of principal plus accrued interest afterward. In the event of a change of control triggering, Hoffman Schroff must offer to repurchase the notes at 101% of principal.

Additionally, the notes may be redeemed fully if specific tax changes occur. These funds, combined with a $600 million senior unsecured term loan facility and a $250 million revolving facility, along with cash reserves, will be used to finance the approximately $1.75 billion acquisition of Maverick Power and cover related fees and expenses.

If the acquisition is not finalized by November 20, 2026, or February 19, 2027, if extended, Hoffman Schroff will have to redeem all outstanding notes at 101% of principal plus accrued interest.