nVent secures $500M term loan for planned $695M acquisition of Trachte

nVent Electric plc

nVent Finance entered $500M two-year senior unsecured term loan to fund portion of $695M acquisition of Trachte.
Interest rate based on adjusted SOFR or base rate plus margin tied to nVent's net leverage or debt rating.
Financial covenants: max net leverage 3.75x (4.25x for acquisitions), min interest coverage 3.00x.
Ticking fees of 0.15% per annum accrue on undrawn commitment starting September 4, 2024.
No loans outstanding at signing; borrowing conditioned on substantially concurrent closing of acquisition.

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