nVent Electric plc (NVT): debt financing — nVent issues $500M of 5.650% Senior Notes due 2033 to fund ECM acquisition

nVent Electric plc

$500M aggregate principal at 5.650% per year, maturing May 15, 2033, fully guaranteed by nVent.
Proceeds together with $300M term loan & cash to finance $1.1B acquisition of ECM Industries.
Special mandatory redemption at 101% if ECM acquisition not closed by Sept 28, 2023 (or Nov 27, 2023).
Interest payable semi-annually on May 15 and Nov 15, starting Nov 15, 2023.
Make-whole redemption allowed before Feb 15, 2033; par redemption thereafter.

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 senior notes of $500.0 million aggregate principal amount with U.S. Bank Trust Company, National Association at 5.650% per year maturing May 15, 2033.

Instrument: senior notes
Principal: $500.0 million aggregate principal amount
Counterparty: U.S. Bank Trust Company, National Association
Rate: 5.650% per year
Maturity: May 15, 2033
Event: incurrence

Exact text from the filing

On May 3, 2023, nVent Electric plc (the “Company”) and nVent Finance S.à r.l. (“nVent Finance”) completed a public offering (the “Offering”) of $500.0 million aggregate principal amount of nVent Finance’s 5.650% Senior Notes due 2033 (the “Notes”).

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nVent Electric plc filing history →

Source: SEC EDGAR

accession 0001104659-23-055485

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