Milbank LLP advised the underwriters on the successful completion of a $2.1 billion senior unsecured notes offering and the lead arrangers on the closing of a new $2.5 billion senior unsecured revolving credit facility for Vertiv Holdings Co (NYSE: VRT) (“Vertiv”), a global leader in critical digital infrastructure.
The notes offering was Vertiv’s debut offering with an investment grade credit rating. The offering was split across four tranches of notes, with 10-year, 20-year, 30-year and 40-year maturities. Vertiv also entered into the new revolving credit facility with a five-year maturity, which refinanced and replaced its prior $800 million asset-based revolving credit facility.
Following the completion of the notes offering and the entry into the new revolving credit facility, Vertiv repaid in full all amounts owed under its existing secured term loan and asset-based revolving credit facility.
The Milbank Global Leveraged Finance team was led by New York-based partner Spencer Pepper and included associates Julia Wennberg and Justin Hill. The Milbank Corporate Finance and Securities team was led by New York-based partner Paul Denaro and included associates Abir Varma and Kendall Langs.
