nVent Electric plc has entered into a $600.0 million senior unsecured term loan facility to support the acquisition of Maverick Power, LLC. The agreement was executed on September 17, 2026, and involves nVent, its subsidiary nVent Finance S.à r.l., and Hoffman Schroff Holdings, Inc.
The facility is intended to finance a portion of the $1.75 billion purchase price for Maverick Power, which was agreed upon on August 21, 2026. Hoffman Schroff, a subsidiary of nVent, intends to borrow the full $600.0 million aggregate principal amount to cover acquisition costs and related fees.
Interest on the term loans will be calculated based on a base rate or the term secured overnight financing rate (SOFR), with an applicable margin determined by either Hoffman’s election of the Net Leverage Ratio or Hoffman’s public debt rating. Interest payments are due quarterly in arrears, with the loans maturing on the third anniversary of the funding date.
The facility is guaranteed by nVent and nVent Finance and includes financial covenants. These covenants require nVent to maintain a debt-to-EBITDA ratio of no more than 3.75 to 1.00 and an EBITDA-to-cash interest expense ratio of at least 3.00 to 1.00. Additionally, the facility restricts nVent’s ability to create liens, merge, or incur additional subsidiary debt.
On the same day, nVent also executed Amendment No. 2 to its Second Amended and Restated Credit Agreement. This amendment adds limited conditionality provisions to a $250.0 million sublimit of the revolving credit facility to further assist in financing the acquisition. The total available credit under the Credit Agreement remains up to $875.0 million.
