Vertiv Secures $2.1B Unsecured Notes and $2.5B Five-Year Revolver
Vertiv completed a $2.1 billion debut senior unsecured notes offering alongside a $2.5 billion five-year revolving credit facility, raising net proceeds of $2.08 billion to repay its secured term loan and prior $800 million revolver. S&P and Moody’s upgraded its debt ratings by one notch to Baa3/BBB-.
1. Debt Offering Completion
Vertiv completed a debut $2.1 billion senior unsecured notes offering, generating $2.08 billion in net proceeds. The offering spans four tranches with 10-, 20-, 30- and 40-year maturities, extending the weighted average maturity of its debt portfolio.
2. Revolving Credit Facility Details
The company closed a new $2.5 billion five-year senior unsecured revolving credit facility, refinancing and replacing its prior $800 million asset-based revolver. All amounts under the previous term loan and revolver were repaid in full, with guarantees and liens released.
3. Credit Rating Upgrades
On February 12 and 19, S&P and Moody’s each upgraded Vertiv’s debt rating by one notch, resulting in Baa3 from Moody’s and BBB- from both S&P and Fitch. The investment grade status on the debut notes underscores stronger liquidity and financial flexibility.