Vertiv Group launches $2.18 billion term loan at Libor plus 275 bps

By Sara Rosenberg

New York, Feb. 25 – Vertiv Group Corp. held a lender call at 1 p.m. ET on Thursday to launch a $2.184 billion senior secured covenant-lite term loan B due March 2027 that is talked at Libor plus 275 basis points with a 0% Libor floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Assumed ratings are B1/B+.

Citigroup Global Markets Inc. is the lead arranger and administrative agent on the deal.

Commitments from existing lenders are due at 5 p.m. ET on March 3 and commitments from new lenders are due at noon ET on March 4, the source added.

Proceeds will be used to reprice an existing term loan down from Libor plus 300 bps with a 0% Libor floor.

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

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