nVent subsidiary raises $800M in senior notes for Maverick Power acquisition

Hoffman Schroff Holdings, a subsidiary of nVent Electric plc, has priced a $800 million senior notes offering at an interest rate of 6.150%, maturing in 2036. The proceeds will complement borrowings from a new $600 million term loan facility and up to $250 million from an amended revolving credit facility, enabling the financing of the $1.75 billion acquisition of Maverick Power, LLC. The deal carries a drop-dead deadline of November 20, 2026, with a possible extension to February 19, 2027. Should the acquisition fail to close by this date, Hoffman Schroff is obligated to redeem the notes at 101% of principal plus accrued interest. The offering was led by joint book-running managers BofA Securities, Citigroup Global Markets, and J.P. Morgan Securities, and is structured through an SEC-filed prospectus supplement. nVent Electric plc, headquartered with principal offices in London and Minneapolis, provides electrical connection and protection solutions. The financing is not contingent on the acquisition’s success, reflecting a structured approach to leveraging debt to support strategic growth initiatives in the electrical infrastructure sector.