NEW YORK (S&P Global Ratings) May 22, 2019--S&P Global Ratings today assigned its 'B-' issue-level rating and '5' recovery rating to Vertiv Group Corp.'s $120 million senior secured second-lien notes due 2024. The '5' recovery rating indicates our expectation for modest (10%-30%; rounded estimate: 15%) recovery for lenders in the event of a payment default. We expect the transaction to be leverage neutral because the company plans to use the proceeds from the proposed debt to repay borrowings under its unrated $455 million asset-based lending (ABL) revolver. Our 'B' issue-level rating and '3' recovery rating on Vertiv's senior secured first-lien term loan due November 2023 remain unchanged. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 65%)
