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Vertiv expected to price $850 million secured notes on Thursday; initial talk low-to-mid 4% area
By Paul A. Harris
Portland, Ore., Oct. 13 – Vertiv Group Corp. expects to price an $850 million offering of seven-year senior secured notes (expected ratings B1/BB-) on Thursday, according to market sources.
Initial guidance has the deal coming to yield in the low-to-mid 4% area, a trader said.
Citigroup Global Markets Inc. is the left bookrunner. J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC and Wells Fargo Securities LLC are the joint bookrunners. ING Financial Markets LLC, PNC Capital Markets LLC and BMO Capital Markets Corp. are the co-managers.
The Rule 144A and Regulation S for life notes become callable after three years at par plus 50% of the coupon. They feature a 40% equity clawback at par plus the full coupon during the non-call period and have a 101% poison put.
The Columbus, Ohio-based provider of network infrastructure services plans to use the proceeds plus cash on hand to finance the cash portion of its pending acquisition of E&I Engineering Ireland Ltd. and its affiliate Powerbar Gulf LLC.
The notes are covered by a mandatory call in the event that the acquisition does not close.
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