Vertiv firms $2.12 billion term loan B at SOFR plus 250 bps

By Sara Rosenberg

New York, Dec. 7 – Vertiv Group Corp. finalized pricing on its $2.123 billion senior secured covenant-lite term loan B due March 2027 (Ba3/BB) at SOFR plus 250 basis points, the high end of the SOFR plus 225 bps to 250 bps talk, according to a market source.

The term loan still has a 0% floor, ARRC CSA of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate, a par issue price and 101 soft call protection for six months.

Citigroup Global Markets Inc., JPMorgan Chase Bank, BofA Securities Inc. and Goldman Sachs Bank USA are the lead arrangers on the deal. ING, PNC, Wells Fargo Securities LLC and Deutsche Bank Securities Inc. are co-documentation agents. Citi is the administrative agent.

Proceeds will be used to reprice an existing term loan B due March 2027 down from SOFR+ARRC CSA plus 275 bps with a 0% floor.

Closing is expected on Wednesday.

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

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