Vertiv plans to repay borrowings under ABL revolver, term loan

By Sarah Lizee

Olympia, Wash., Dec. 10 – Vertiv Holdings LLC plans to repay its asset-based revolving credit facility and part of its term loan using proceeds from a PIPE offering and cash, according to an 8-K filing with the Securities and Exchange Commission.

The ABL bears interest at Libor plus 200 basis points, and the term loan bears interest at Libor plus 400 bps.

The paydowns are being made in connection with the company’s planned business combination with GS Acquisition Holdings Corp., which is expected to close in the first quarter of 2020. Vertiv said in an investor presentation that its capital structure at close positions it favorably to explore further financing options, including potentially refinancing some of its more costly debt.

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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