HUBB · Hubbell Incorporated

Hubbell Incorporated secured a $900 million unsecured term loan facility through a syndicate led by JPMorgan Chase Bank, N.A., specifically structured to support its planned NSI Acquisition. The facility enables a single draw on the acquisition closing date, contingent on concurrent consummation of the deal and other standard conditions, providing targeted financing without diluting equity. Maturity is set for the third anniversary of funding, balancing short-term liquidity needs with manageable repayment timing. Interest pricing ties directly to Hubbell's credit ratings via a grid starting at 50 bps over Term SOFR for higher ratings, scaling to 112.5 bps at lower levels, with no ABR spread until BBB or below, reflecting confidence in the company's credit profile. The sole financial covenant caps leverage at 65% total debt to capitalization quarterly, a relatively permissive threshold for acquisition financing that preserves operational flexibility. Standard events of default protect lenders, including cross-defaults over $100 million and change of control triggers, which could accelerate repayment if breached. This financing underscores Hubbell's strategic push into the NSI assets while layering on incremental debt amid forward-looking acquisition risks highlighted in the filing.