nVent unit issues $800M notes for proposed Maverick deal
Hoffman Schroff, backed by nVent Electric plc guarantees, is selling $800 million of 6.150% senior notes to help finance the proposed $1.75 billion Maverick Power acquisition.
nVent Electric plc (NVT), through its indirect subsidiary Hoffman Schroff Holdings, Inc., is issuing $800 million aggregate principal amount of 6.150% Senior Notes due 2036, fully and unconditionally guaranteed by nVent Electric plc and nVent Finance S.à r.l. The notes are priced at 99.915% of principal, pay interest semi-annually starting March 15, 2027, and mature on September 15, 2036. They are senior unsecured obligations ranking pari passu with other senior unsecured debt of the obligor group.
nVent expects to receive approximately $792 million in net proceeds, to be used alongside a planned $600 million term loan, a $250 million specified revolving draw, cash on hand and, if needed, a committed $1.5 billion bridge facility to finance the proposed $1.75 billion acquisition of Maverick Power and related fees. If the Maverick Power acquisition is not completed by a defined outside date or is terminated, Hoffman Schroff must redeem all notes at 101% of principal plus accrued interest under a special mandatory redemption feature.
Positive
- None.
Negative
- Total debt is expected to rise from $1.5 billion to about $3.15 billion after the notes, new $600 million term loan and $250 million revolving draw used to fund the Maverick Power acquisition, increasing leverage and ongoing interest obligations.
Filing Explained
The planned financing would raise disclosed total debt from $1.5 billion to $2,300.0 million before other planned borrowings.
The September 15 prospectus supplement describes Hoffman Schroff’s
The notes are senior unsecured, rank equally with the relevant group’s existing senior unsecured debt, and are not convertible into common stock. That makes this instrument debt financing rather than an issuance that increases the common-share count or directly dilutes existing common holders.
The capitalization table shows total debt of
Key Figures
Key Terms
Special Mandatory Redemption financial
Change of Control Triggering Event financial
bridge facility financial
Additional Amounts financial
free cash flow of continuing operations financial
examinership regulatory
Offering Details
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What is nVent Electric plc (NVT) offering in this 424B5 prospectus supplement?
What are the key terms of the new NVT senior notes, including coupon and maturity?
How will nVent Electric plc use the proceeds from this $800 million note offering?
What is the special mandatory redemption feature on the new NVT notes?
How will this financing affect nVent Electric plc’s debt and capitalization?
What are Maverick Power’s size and business relative to nVent Electric plc (NVT)?
AI-generated analysis. How Rhea-AI works. Not financial advice.
(To Prospectus Dated February 17, 2026)
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Per Note
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Total
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Public offering price(1)
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| | | | 99.915% | | | | | $ | 799,320,000 | | |
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Underwriting discount
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| | | | 0.650% | | | | | $ | 5,200,000 | | |
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Proceeds, before expenses, to Hoffman Schroff
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| | | | 99.265% | | | | | $ | 794,120,000 | | |
| | BofA Securities | | |
Citigroup
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J.P. Morgan
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BMO Capital Markets
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US Bancorp
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Page
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ABOUT THIS PROSPECTUS SUPPLEMENT
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| | | | S-2 | | |
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INCORPORATION BY REFERENCE
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| | | | S-3 | | |
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FORWARD-LOOKING STATEMENTS
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| | | | S-4 | | |
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PROSPECTUS SUPPLEMENT SUMMARY
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| | | | S-5 | | |
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RISK FACTORS
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| | | | S-13 | | |
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USE OF PROCEEDS
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| | | | S-22 | | |
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CAPITALIZATION
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| | | | S-23 | | |
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DESCRIPTION OF NOTES
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| | | | S-24 | | |
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CERTAIN UNITED STATES FEDERAL INCOME, IRELAND AND LUXEMBOURG TAX CONSIDERATIONS
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| | | | S-41 | | |
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UNDERWRITING
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| | | | S-49 | | |
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VALIDITY OF THE SECURITIES
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| | | | S-56 | | |
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EXPERTS
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| | | | S-57 | | |
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Page
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ABOUT THIS PROSPECTUS
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FORWARD-LOOKING STATEMENTS
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RISK FACTORS
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WHERE YOU CAN FIND MORE INFORMATION
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ABOUT THE ISSUERS
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USE OF PROCEEDS
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| | | | 5 | | |
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DESCRIPTION OF DEBT SECURITIES AND GUARANTEES OF DEBT SECURITIES
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| | | | 6 | | |
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DESCRIPTION OF ORDINARY SHARES
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| | | | 25 | | |
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DESCRIPTION OF PREFERRED SHARES
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| | | | 36 | | |
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DESCRIPTION OF DEPOSITARY SHARES
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| | | | 37 | | |
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DESCRIPTION OF PURCHASE CONTRACTS
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| | | | 38 | | |
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DESCRIPTION OF WARRANTS
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| | | | 39 | | |
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DESCRIPTION OF UNITS
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| | | | 40 | | |
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SELLING SHAREHOLDERS
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| | | | 41 | | |
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PLAN OF DISTRIBUTION
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ENFORCEMENT OF CIVIL LIABILITIES
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| | | | 44 | | |
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LEGAL MATTERS
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EXPERTS
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1665 Utica Avenue, Suite 700
St. Louis Park, Minnesota 55416
Attention: Corporate Secretary
(763) 204-7700
Redemption
Market
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For the Six Months
Ended June 30, |
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For the Years
Ended December 31, |
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2026
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2025
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2025
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2024
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2023
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(U.S. $ in millions)
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Statements of operations and comprehensive income data:
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Net sales
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| | | $ | 2,713.3 | | | | | $ | 1,772.4 | | | | | $ | 3,893.1 | | | | | $ | 3,006.1 | | | | | $ | 2,668.9 | | |
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Income before income taxes
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| | | | 458.9 | | | | | | 249.5 | | | | | | 550.0 | | | | | | 429.2 | | | | | | 375.3 | | |
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Net income
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| | | | 358.3 | | | | | | 470.2 | | | | | | 710.2 | | | | | | 331.8 | | | | | | 567.1 | | |
| Balance sheet data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Total assets
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| | | $ | 7,146.3 | | | | | $ | 6,741.7 | | | | | $ | 6,851.9 | | | | | $ | 6,734.9 | | | | | $ | 6,161.7 | | |
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Total debt
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| | | | 1,500.0 | | | | | | 1,775.0 | | | | | | 1,568.2 | | | | | | 2,166.3 | | | | | | 1,792.5 | | |
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Total equity
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| | | | 3,986.9 | | | | | | 3,518.7 | | | | | | 3,730.2 | | | | | | 3,237.6 | | | | | | 3,142.1 | | |
| Other financial information: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Net cash provided by (used for) operating activities of continuing operations
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| | | $ | 278.7 | | | | | $ | 154.9 | | | | | $ | 649.0 | | | | | $ | 501.0 | | | | | $ | 422.2 | | |
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Net cash provided by (used for) investing activities of continuing operations
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| | | | (57.6) | | | | | | (1,008.0) | | | | | | (1,063.7) | | | | | | (750.8) | | | | | | (1,166.7) | | |
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Net cash provided by (used for) financing activities
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| | | | (196.5) | | | | | | (714.0) | | | | | | (968.4) | | | | | | 146.2 | | | | | | 516.7 | | |
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Free cash flow of continuing operations(1)
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| | | $ | 221.1 | | | | | $ | 118.5 | | | | | $ | 561.0 | | | | | $ | 427.5 | | | | | $ | 356.7 | | |
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For the Six Months
Ended June 30, |
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For the Years
Ended December 31, |
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2026
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2025
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2025
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2024
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2023
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(U.S. $ in millions)
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Net cash provided by (used for) operating activities of continuing operations
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| | | $ | 278.7 | | | | | $ | 154.9 | | | | | $ | 649.0 | | | | | $ | 501.0 | | | | | $ | 422.2 | | |
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Capital expenditures
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| | | | (57.6) | | | | | | (38.0) | | | | | | (93.3) | | | | | | (74.0) | | | | | | (65.6) | | |
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Proceeds from sale of property and equipment
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| | | | — | | | | | | 1.6 | | | | | | 5.3 | | | | | | 0.5 | | | | | | 0.1 | | |
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Free cash flow
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| | | $ | 221.1 | | | | | $ | 118.5 | | | | | $ | 561.0 | | | | | $ | 427.5 | | | | | $ | 356.7 | | |
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As of June 30, 2026
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Actual
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As Adjusted
for the Offering(1) |
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As Further
Adjusted for the Term Loan Financing and Specified Revolving Facility(1) |
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As Further
Adjusted for the Use of Proceeds(1) |
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(U.S. $ in millions)
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Cash and cash equivalents
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| | | $ | 256.0 | | | | | $ | 1,048.0 | | | | | $ | 1,898.0 | | | | | $ | 148.0 | | |
| Debt: | | | | | | | | | | | | | | | | | | | | | | | | | |
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Revolving credit facility
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| | | $ | — | | | | | $ | — | | | | | $ | 250.0 | | | | | $ | 250.0 | | |
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Existing term loan facility
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| | | | 200.0 | | | | | | 200.0 | | | | | | 200.0 | | | | | | 200.0 | | |
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Existing senior notes
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| | | | 1,300.0 | | | | | | 1,300.0 | | | | | | 1,300.0 | | | | | | 1,300.0 | | |
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New term loan financing
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| | | | — | | | | | | — | | | | | | 600.0 | | | | | | 600.0 | | |
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Notes offered hereby
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| | | | — | | | | | | 800.0 | | | | | | 800.0 | | | | | | 800.0 | | |
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Total debt
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| | | $ | 1,500.0 | | | | | $ | 2,300.0 | | | | | $ | 3,150.0 | | | | | $ | 3,150.0 | | |
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Total equity
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| | | $ | 3,986.9 | | | | | $ | 3,986.9 | | | | | $ | 3,986.9 | | | | | $ | 3,986.9 | | |
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Total capitalization
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| | | $ | 5,486.9 | | | | | $ | 6,286.9 | | | | | $ | 7,136.9 | | | | | $ | 7,136.9 | | |
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Fitch Rating*
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Percentage
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BB+
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| | | | 0.25% | | |
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BB
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| | | | 0.50% | | |
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BB-
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| | | | 0.75% | | |
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B+ or below
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| | | | 1.00% | | |
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S&P Rating*
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Percentage
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BB+
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| | | | 0.25% | | |
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BB
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| | | | 0.50% | | |
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BB-
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| | | | 0.75% | | |
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B+ or below
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| | | | 1.00% | | |
INCOME, IRELAND AND LUXEMBOURG TAX CONSIDERATIONS
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Underwriters
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Principal
Amount of Notes |
| |||
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BofA Securities, Inc.
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| | | $ | 244,000,000 | | |
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Citigroup Global Markets Inc.
|
| | | | 100,000,000 | | |
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J.P. Morgan Securities LLC
|
| | | | 100,000,000 | | |
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BMO Capital Markets Corp.
|
| | | | 100,000,000 | | |
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U.S. Bancorp Investments, Inc.
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| | | | 100,000,000 | | |
|
Goldman Sachs & Co. LLC
|
| | | | 52,000,000 | | |
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KeyBanc Capital Markets Inc.
|
| | | | 52,000,000 | | |
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PNC Capital Markets LLC
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| | | | 52,000,000 | | |
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Total
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| | | $ | 800,000,000 | | |
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Paid by us
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Per note
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| | | | 0.650% | | |
NVENT FINANCE S.À R.L.
HOFFMAN SCHROFF HOLDINGS, INC.
Ordinary Shares
Preferred Shares
Depositary Shares
Purchase Contracts
Warrants
Units
Guarantees of Debt Securities
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Page
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About This Prospectus
|
| | | | 1 | | |
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Forward-Looking Statements
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| | | | 2 | | |
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Risk Factors
|
| | | | 2 | | |
|
Where You Can Find More Information
|
| | | | 3 | | |
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About the Issuers
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| | | | 4 | | |
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Use of Proceeds
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| | | | 5 | | |
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Description of Debt Securities and Guarantees of Debt Securities
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| | | | 6 | | |
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Description of Ordinary Shares
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| | | | 25 | | |
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Description of Preferred Shares
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| | | | 36 | | |
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Description of Depositary Shares
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| | | | 37 | | |
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Description of Purchase Contracts
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| | | | 38 | | |
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Description of Warrants
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| | | | 39 | | |
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Description of Units
|
| | | | 40 | | |
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Selling Shareholders
|
| | | | 41 | | |
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Plan of Distribution
|
| | | | 42 | | |
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Enforcement of Civil Liabilities
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| | | | 44 | | |
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Legal Matters
|
| | | | 46 | | |
|
Experts
|
| | | | 46 | | |
1665 Utica Avenue, Suite 700
St. Louis Park, Minnesota 55416
Attention: Corporate Secretary
(763) 204-7700
AND GUARANTEES OF DEBT SECURITIES
NVENT FINANCE S.À R.L.
| | BofA Securities | | |
Citigroup
|
| |
J.P. Morgan
|
|
| |
BMO Capital Markets
|
| |
US Bancorp
|
|
| | Goldman Sachs & Co. LLC | | |
PNC Capital Markets LLC
|
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KeyBanc Capital Markets
|
|