Vertiv Announces Successful Completion of Term Loan Repricing

Rhea-AI Summary

Vertiv Holdings Co (NYSE: VRT) has successfully completed the repricing of its subsidiary Vertiv Group Corporation's seven-year $2.2 billion Term Loan. This action reduces the loan's interest rate by 25 basis points to LIBOR + 275 basis points, yielding annual interest savings of approximately $5.5 million. This strategic financial move enhances the company's financial position, allowing for greater resource allocation in its critical digital infrastructure solutions, aimed at optimizing data centers and communication networks globally.

Positive

• Interest rate reduction on the $2.2 billion Term Loan by 25 basis points.
• Annual savings of approximately $5.5 million from reduced interest expense.

Negative

• None.

Vertiv Holdings Co (NYSE: VRT), a global provider of critical digital infrastructure and continuity solutions, today announced the completion of the repricing of Vertiv Group Corporation’s, a subsidiary of Vertiv Holdings Co, existing seven-year $2.2 billion Term Loan. The repricing reduces the interest on the Term Loan by 25 basis points to LIBOR + 275 basis points, resulting in interest savings of approximately $5.5 million per year.

About Vertiv Holdings Co

Vertiv (NYSE: VRT) brings together hardware, software, analytics and ongoing services to ensure its customers’ vital applications run continuously, perform optimally and grow with their business needs. As Architects of Continuity™, Vertiv solves the most important challenges facing today’s data centers, communication networks and commercial and industrial facilities with a portfolio of power, cooling and IT infrastructure solutions and services that extends from the cloud to the edge of the network. Headquartered in Columbus, Ohio, USA, Vertiv employs approximately 20,000 people and does business in more than 130 countries. For more information, and for the latest news and content from Vertiv, visit Vertiv.com.

Forward-Looking Statements

This release contains a forward-looking statement within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27 of the Securities Act, and Section 21E of the Securities Exchange Act regarding Vertiv’s interest expense. This statement is only a prediction. Actual events or results may differ materially from those in the forward-looking statement set forth herein. Readers are referred to Vertiv’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q for a discussion of these and other important risk factors concerning Vertiv and its operations. Vertiv is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

Category: Financial News

View source version on businesswire.com: https://www.businesswire.com/news/home/20210310005974/en/

FAQ

What is the recent financial development for Vertiv Holdings Co (VRT)?

Vertiv Holdings Co announced the repricing of its subsidiary's $2.2 billion Term Loan, reducing the interest rate and providing annual savings of $5.5 million.

How much has Vertiv saved annually due to the loan repricing?

Vertiv Holdings Co has saved approximately $5.5 million annually due to the loan repricing.

What is the new interest rate for Vertiv's Term Loan?

The new interest rate for Vertiv's $2.2 billion Term Loan is LIBOR + 275 basis points.