Vertiv to redeem notes, pay down term loan with new loan proceeds

By Rebecca Melvin

New York, March 4 – Vertiv Group Corp. is redeeming three series of notes and paying down its previous term loan with proceeds of a new $2.2 billion term loan, according to a company release.

Specifically, the company is redeeming in full its 9¼% senior notes, 12%/13% PIK-toggle senior notes and 10% second-lien notes.

The refinancing is being done with proceeds of the new term loan, which bears interest at Libor plus 300 basis points, currently 4.4% all in, which applicable margin is 100 bps lower than under the previous term loan.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.