Vertiv Group firms $2.2 billion term loan B at Libor plus 300 bps

By Sara Rosenberg

New York, Feb. 11 – Vertiv Group Corp. finalized pricing on its $2.2 billion seven-year covenant-lite term loan B (B1/B+) at Libor plus 300 basis points, the low end of the Libor plus 300 bps to 325 bps talk, according to a market source.

The term loan still has a 0% Libor floor, an original issue discount of 99.5, 101 soft call protection for six months and amortization of 1% per annum.

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

Proceeds will be used to refinance the remaining capital structure following closing of the company’s merger with GS Acquisition Holdings Corp., a special purpose acquisition company.

The merger closed on Feb. 7, and the term loan is expected to close on March 2.

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

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