Vertiv seeks $1.75 billion term loan B at Libor plus 325-350 bps

By Sara Rosenberg

New York, Oct. 24 – Vertiv is shopping a $1,745,000,000 covenant-light term loan B due November 2023 at price talk of Libor plus 325 basis points to 350 bps with a 1% Libor floor and an original issue discount of 99.875, according to a market source.

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

J.P. Morgan Securities LLC is the lead bank on the deal.

Commitments are due at noon ET on Friday, the source added.

Proceeds will be used to refinance an existing term loan and fund a dividend.

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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