Bulletin: Vertiv Group Corp. Ratings Remain Unchanged On Proposed Term Loan Upsizing

NEW YORK (S&P Global Ratings) Dec. 12, 2017--S&P Global Ratings said today that its ratings on Columbus, Ohio-based Vertiv Group Corp. (B+/Stable/--) are unchanged following the proposed upsizing of the company's term loan B due 2023. Vertiv plans to increase the size of its $1.745 billion (outstanding) term loan B by $325 million to $2.070 billion. All of the loan's terms and conditions remain unchanged. We expect Vertiv to use about $290 million of the proceeds from the add-on to fund two tuck-in acquisitions while holding the remaining proceeds in cash on its balance sheet. We expect the transaction to be leverage neutral and anticipate the company's debt-to-EBITDA to be approximately 5.5x pro forma for the transactions as of Sept.

...NEW YORK (S&P Global Ratings) Dec. 12, 2017--S&P Global Ratings said today that its ratings on Columbus, Ohio-based Vertiv Group Corp. (B+/Stable/--) are unchanged following the proposed upsizing of the company's term loan B due 2023. Vertiv plans to increase the size of its $1.745 billion (outstanding) term loan B by $325 million to $2.070 billion. All of the loan's terms and conditions remain unchanged. We expect Vertiv to use about $290 million of the proceeds from the add-on to fund two tuck-in acquisitions while holding the remaining proceeds in cash on its balance sheet. We expect the transaction to be leverage neutral and anticipate the company's debt-to-EBITDA to be approximately 5.5x pro forma for the transactions as of Sept. 30, 2017. We expect management to reduce the company's adjusted debt-to-EBITDA toward 5.0x over the next 12 months through a combination of low organic growth and modestly improved margins. Only a rating committee may determine a rating action and this report...

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