Vertiv’s $850 Million Senior Secured Notes Offering

Latham & Watkins represented Vertiv in the transaction while Simpson Thacher advised initial purchasers on the deal.

Vertiv Holdings Co (Vertiv), a global provider of critical digital infrastructure and continuity solutions, announced that its subsidiary, Vertiv Group Corporation, priced at par its offering of US$850 million aggregate principal amount of Senior Secured Notes due 2028. The Notes will bear interest at 4.125% per annum and mature on Nov. 15, 2028. The Issuer intends to use the net proceeds from the offering, together with cash on hand, to finance the cash portion of the purchase price of Vertiv’s pending acquisition of E&I Engineering Ireland Limited and its affiliate, Powerbar Gulf LLC, and to pay fees and expenses related to the Acquisition and the Offering. The Offering is expected to close on Oct. 22, 2021, subject to customary closing conditions. 

The initial purchasers were led by Citigroup Global Markets Inc.

Latham & Watkins represented Vertiv in the Offering and the Acquisition, with a Texas-based corporate team led by Austin partner David Miller (Picture) and Houston partners Nick Dhesi and Trevor Lavelle with associates Om Pandya, Michael Pascual, Ziyad Barghouthy, and Brian Bruzzo. Advice was also provided on finance matters by Houston partner Pamela Kellet with associate Benjamin Gelfand; on tax matters by Houston partners Bryant Lee and Jim Cole with associate Dominick Constantino; and on environmental matters by Los Angeles counsel Joshua Marnitz. 

The Simpson Thacher team included David Azarkh, John O’Connell, Evan Zuckerman, Ignacio Perez and Alexi Thomas (Capital Markets); Patrick Ryan, Ismael Duran and Andrea Valdes (Banking & Credit); Soogy Lee and Jon Pall (Collateral); Tim Gallagher (Real Estate); Michael Mann and Adam Hersch (Tax); Genevieve Dorment (Intellectual Property); Jeanne Annarumma and Allison Sweeney (Executive Compensation and Employee Benefits); Timothy Mulvihill (Environmental); and Jennie Getsin (Blue Sky).

Involved fees earner: Ziyad Barghouthy – Latham & Watkins; Jim Cole – Latham & Watkins; Dominick Constantino – Latham & Watkins; Nick Dhesi – Latham & Watkins; Benjamin Gelfand – Latham & Watkins; Pamela Kellet – Latham & Watkins; Trevor Lavelle – Latham & Watkins; Bryant Lee – Latham & Watkins; Joshua Marnitz – Latham & Watkins; David Miller – Latham & Watkins; Om Pandya – Latham & Watkins; Michael Pascual – Latham & Watkins; Jeanne Annarumma – Simpson Thacher & Bartlett; David Azarkh – Simpson Thacher & Bartlett; Ignacio Perez Bessio – Simpson Thacher & Bartlett; Genevieve Dorment – Simpson Thacher & Bartlett; Ismael Duran – Simpson Thacher & Bartlett; Timothy Gallagher – Simpson Thacher & Bartlett; Jennie Getsin – Simpson Thacher & Bartlett; Adam Hersch – Simpson Thacher & Bartlett; Hyang-Sook Lee – Simpson Thacher & Bartlett; Michael Mann – Simpson Thacher & Bartlett; Timothy Mulvihill – Simpson Thacher & Bartlett; John O’Connell – Simpson Thacher & Bartlett; Jonathan Pall – Simpson Thacher & Bartlett; Patrick Ryan – Simpson Thacher & Bartlett; Allison Sweeney – Simpson Thacher & Bartlett; Alexi Thomas – Simpson Thacher & Bartlett; Andrea Valdes – Simpson Thacher & Bartlett; Evan Zuckerman – Simpson Thacher & Bartlett;

Law Firms: Latham & Watkins; Simpson Thacher & Bartlett;

Clients: Citigroup Global Markets Ltd; Vertiv Group Corporation;