Vertiv enters eighth amendment on revolver for increase, extension

Chicago, Feb. 20 – Vertiv Group Corp. entered into an eighth amendment on its revolving credit agreement on Feb. 16, according to an 8-K filing with the Securities and Exchange Commission.

The amendment extends the maturity date five years from the date of the amendment, subject to a springing maturity related to certain other debt.

Commitments were also increased by $30 million for a total loan amount of $600 million under the ABL revolver. Specifically, the U.S. tranche was increased by $87 million, and other tranches were reduced.

The swingline commitment was increased to $100 million, a $25 million raise.

The French tranche and the FILO tranches were removed.

There is a $200 million accordion.

Based on availability, the margins over SOFR will be between 125 basis points and 175 bps plus 10 bps CSA. There is a 0% floor.

The unused line fee is 25 bps.

As of Dec. 31, there was no principal amount outstanding on the credit agreement.

Vertiv Intermediate Holding II Corp. is the guarantor.

JPMorgan Chase Bank, NA is the administrative agent.

The joint lead arrangers and bookrunners are JPMorgan Chase Bank, NA, Bank of America, NA, Citibank, NA, Goldman Sachs Lending Partners LLC, ING Capital LLC and Wells Fargo Bank, NA.

The documentation agents are PNC Bank, NA and Deutsche Bank AG New York Branch.

Vertiv is a Westerville, Ohio-based provider of critical digital infrastructure and continuity solutions.

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