nVent Electric completes $600 million senior unsecured term loan facility for Maverick Power deal
NVT•nVent Electric completed a $600 million senior unsecured term loan facility and an $800 million offering of 6.150% senior notes due 2036. Proceeds are earmarked for its $1.75 billion Maverick Power acquisition.
1. Financing for acquisition
The notes are guaranteed by nVent Electric and nVent Finance, with proceeds earmarked for the $1.75 billion Maverick Power acquisition alongside the term loan facility. The credit agreement was amended to allow limited conditionality draws of up to $250 million under a specified revolving facility.
2. Redemption condition
The notes are subject to special mandatory redemption at 101% if the Maverick Power acquisition does not close by Nov. 20, 2026.
