LONDON — nVent Electric plc (NYSE:NVT) (“nVent”), a global leader in electrical connection and protection solutions, has announced that Hoffman Schroff Holdings, Inc. (“Hoffman Schroff”), an indirect wholly-owned subsidiary of nVent, priced a public offering of $800.0 million of 6.150% senior notes due 2036. The notes will be fully and unconditionally and jointly and severally guaranteed as to payment of principal and interest by nVent and nVent Finance S.à r.l. (“nVent Finance”), a wholly-owned subsidiary of nVent. The offering is expected to close on September 29, 2026, subject to customary closing conditions.
Hoffman Schroff, nVent and nVent Finance intend to enter into a new term loan credit agreement (the “new term loan facility”) with a syndicate of financial institutions, providing for a senior unsecured delayed draw term loan facility in an aggregate principal amount of $600.0 million with a three-year maturity. In addition, Hoffman Schroff, nVent and nVent Finance intend to enter into an amendment to their existing revolving credit facility to permit limited conditionality draws of up to an aggregate principal amount of $250.0 million (the “specified revolving facility”).
Hoffman Schroff, nVent and nVent Finance intend to use the net proceeds of the offering, borrowings under the new term loan facility, borrowings under the specified revolving facility, cash on hand and, if necessary, borrowings under a committed bridge facility to finance the acquisition of Maverick Power, LLC (“Maverick Power”), for $1.75 billion and/or to pay related fees and expenses. Hoffman Schroff, nVent and nVent Finance intend to use the remainder of the net proceeds from the offering, if any, for general corporate purposes.
The offering is not contingent upon the closing of the Maverick Power acquisition. If the consummation of the Maverick Power acquisition does not occur on or prior to November 20, 2026 (or such later date on or before February 19, 2027 as may be extended by the parties thereto), Hoffman Schroff will be required to redeem all of the notes then outstanding at a redemption price equal to 101% of the principal amount of the notes, plus accrued and unpaid interest to, but excluding, the date of redemption.
BofA Securities, Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are the joint lead active book-running managers for the offering. The offering is being made only by means of a prospectus supplement and accompanying prospectus, which are part of an effective shelf registration statement that Hoffman Schroff, nVent and nVent Finance filed with the Securities and Exchange Commission, copies of which may be obtained by calling BofA Securities, Inc. toll-free at (800) 294-1322 or emailing at dg.prospectus_requests@bofa.com, calling Citigroup Global Markets Inc. toll-free at (800) 831-9146 or e-mailing at prospectus@citi.com or calling J.P. Morgan Securities LLC collect at (212) 834-4533. An electronic copy of the prospectus supplement and accompanying prospectus is available from the Securities and Exchange Commission’s website at www.sec.gov.
This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor will there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
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