Vertiv amends ABL revolver to increase U.S. tranche to $570 million

By Wendy Van Sickle

Columbus, Ohio, Sept. 20 – Vertiv Group Corp. and Vertiv Intermediate Holding II Corp. entered amendments on Tuesday to their revolving credit agreement with JPMorgan Chase Bank, NA as administrative agent to replace Libor with SOFR, according to an 8-K filing with the Securities and Exchange Commission.

Additionally, the U.S. revolving loan commitments in connection with the U.S. tranche was increased by $115 million to a total loan commitment of $570 million.

The increase in the size of the asset-based credit facility further enhance the liquidity profile of the business, the company said in the report.

“Given the level of eligible assets available in the business, the decision to increase the facility size was straight-forward and consistent with our commitment to have a strong balance sheet and maximize the flexibility of the business,” the report states. “While we have no specific-use plans for the additional liquidity, we believe this opportunity will serve us well to further bolster our liquidity position and facilitate our long-term growth and strategic initiatives.”

The credit agreement is originally dated Nov. 30, 2016.

Vertiv is a Columbus, Ohio-based provider of thermal management, A/C and D/C power, transfer switches, services and information management systems for the data center and telecommunications industries.

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