nVent Electric plc (NVT): debt financing — nVent enters $300M term loan facility to fund ECM Industries acquisition

nVent Electric plc

$300M senior unsecured term loan facility (5-year) entered April 26, 2023; proceeds to fund portion of $1.1B ECM Industries acquisition.
No loans outstanding yet; borrowing subject to closing of acquisition, no material adverse effect, and other conditions.
Interest at adjusted base rate or SOFR plus margin based on net leverage or public debt rating; ticking fee 0.15% p.a. on undrawn commitment.
Financial covenants: max net leverage ratio 3.75x (4.25x for certain acquisitions) and min EBITDA interest coverage 3.00x.
Loans mature 5 years from funding; amortization: 5% annual first 3 years, 7.5% thereafter; voluntary prepayment without penalty.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

nVent Electric plc incurred term loan of $300.0 million at adjusted base rate or adjusted term secured overnight financing rate (SOFR) plus maturing five years from the date the term loans are made.

Instrument: term loan
Principal: $300.0 million
Rate: adjusted base rate or adjusted term secured overnight financing rate (SOFR) plus
Maturity: five years from the date the term loans are made
Event: incurrence

Exact text from the filing

On April 26, 2023, in contemplation of the acquisition of ECM Industries, nVent and its subsidiary, nVent Finance S.à r.l. (“nVent Finance”), entered into a Loan Agreement (the “Loan Agreement”), among nVent Finance, as borrower, nVent, as guarantor, and the lenders and agents party thereto, providing for a five-year $300.0 million senior unsecured term loan facility (the “Term Loan Facility”).

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Source: SEC EDGAR

accession 0001104659-23-050569

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