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Vertiv to redeem notes, pay down term loan with new loan proceeds
By Rebecca Melvin
New York, March 4 – Vertiv Group Corp. is redeeming three series of notes and paying down its previous term loan with proceeds of a new $2.2 billion term loan, according to a company release.
Specifically, the company is redeeming in full its 9¼% senior notes, 12%/13% PIK-toggle senior notes and 10% second-lien notes.
The refinancing is being done with proceeds of the new term loan, which bears interest at Libor plus 300 basis points, currently 4.4% all in, which applicable margin is 100 bps lower than under the previous term loan.
Vertiv is a Columbus, Ohio-based provider of critical digital infrastructure and continuity solutions.
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