New York, March 13 – Pentair plc said subsidiary nVent Finance Sarl, which will become a subsidiary of nVent Electric plc, priced $800 million of notes in five- and 10-year tranches.
nVent priced $300 million of 3.95% senior notes due 2023 and $500 million of 4.55% senior notes due 2028, according to a news release.
The deal was brought to market under Rule 144A and Regulation S.
The notes are guaranteed on an unsecured and unsubordinated basis by nVent Electric and initially guaranteed on an unsecured and unsubordinated basis by Pentair and Pentair Investments Switzerland GmbH. The Pentair and Pentair Investments guarantees will terminate upon completion of the separation.
Proceeds will be used to make payments to Pentair as partial consideration for the assets of the electrical business in connection with the separation and for general corporate purposes.
Pentair is a Minneapolis-based company mostly providing equipment related to water. nVent Electric is an electrical company in Minneapolis.
| Issuer: | nVent Finance Sarl (nVent Electric plc)
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| Issue: | Senior notes
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| Amount: | $800 million
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| Pricing date: | March 12
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| Settlement date: | March 26
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| Distribution: | Rule 144A, Regulation S
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| Five-year notes
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| Amount: | $300 million
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| Maturity: | 2023
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| Coupon: | 3.95%
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| Ten-year notes
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| Amount: | $500 million
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| Maturity: | 2028
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| Coupon: | 4.55%
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