nVent Electric unit to sell $300 million 10-year guaranteed notes at Treasuries plus 150 bps area

By Marisa Wong and Cristal Cody

Los Angeles, Nov. 8 – nVent Finance Sarl is offering senior notes guaranteed by nVent Electric plc, according to a 424B5 filing with the Securities and Exchange Commission.

The offering is expected to feature $300 million of 10-year notes with price talk in the Treasuries plus 150 basis points area, a market source told Prospect News.

The notes due Nov. 15, 2031 will be callable in whole or in part. If a change of control occurs, the company may be required to make a buyback offer. In addition, the notes are callable in whole if there are changes to withholding taxes.

BofA Securities, Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are the joint bookrunners.

Proceeds will be used to fund the redemption in full of nVent’s 3.95% notes due April 15, 2023 and for general corporate purposes. As of Sept. 30, $300 million principal amount of the notes was outstanding.

nVent Finance is a Luxembourg-based wholly owned subsidiary of nVent Electric. The London-based parent company designs, manufactures, markets and installs electrical connection and protection products for sensitive equipment, buildings and critical processes.

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