By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, Nov. 8 – nVent Finance Sarl priced $300 million of 2.75% 10-year senior notes guaranteed by nVent Electric plc (BBB-/BBB) on Monday at 99.671 to yield 2.788%, or a spread of 130 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
Price talk was in the Treasuries plus 150 bps area, a market source told Prospect News.
BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, MUFG and U.S. Bancorp Investments, Inc. 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.
| Issuer: | nVent Finance Sarl
|
| Guarantor: | nVent Electric plc
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| Issue: | Senior notes
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| Amount: | $300 million
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| Maturity: | Nov. 15, 2031
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| Bookrunners: | BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, MUFG and U.S. Bancorp Investments, Inc.
|
| Co-managers: | BMO Capital Markets Corp., Loop Capital Markets LLC, PNC Capital Markets LLC and Wells Fargo Securities, LLC
|
| Coupon: | 2.75%
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| Price: | 99.671
|
| Yield: | 2.788%
|
| Spread: | Treasuries plus 130 bps
|
| Call feature: | Make-whole call at Treasuries plus 20 bps until Aug. 15, 2031, par call thereafter; also callable at any time upon certain tax events
|
| Put option: | At 101 plus interest following change of control
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| Trade date: | Nov. 8
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| Settlement date: | Nov. 23
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| Ratings: | S&P: BBB-
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| Fitch: BBB
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| Distribution: | SEC registered
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| Price talk: | Treasuries plus 150 bps area
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| Cusip: | 67078AAE3
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