By Paul A. Harris
Portland, Ore., Oct. 14 – Vertiv Group Corp. priced an $850 million issue of seven-year senior secured notes (B1/BB-) at par to yield 4 1/8% on Thursday, according to market sources.
The yield printed at the tight end of yield talk in the 4¼% area and in line with initial guidance in the low-to-mid 4% area.
Citigroup Global Markets Inc. was the left bookrunner. Joint bookrunners were J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC and Wells Fargo Securities LLC.
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.
| Issuer: | Vertiv Group Corp.
|
| Amount: | $850 million
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| Maturity: | Nov. 15, 2028
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| Securities: | Senior secured notes
|
| Left bookrunner: | Citigroup Global Markets Inc.
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| Joint bookrunners: | J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC and Wells Fargo Securities LLC
|
| Co-managers: | ING Financial Markets LLC, PNC Capital Markets LLC and BMO Capital Markets Corp.
|
| Coupon: | 4 1/8%
|
| Price: | Par
|
| Yield: | 4 1/8%
|
| Spread: | 278 bps
|
| First call: | Nov. 15, 2024 at 102.063
|
| Trade date: | Oct. 14
|
| Settlement date: | Oct. 22
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| Ratings: | Moody's: B1
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 4¼% area
|
| Marketing: | Roadshow
|
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