DEBT

9 Months Ended

Sep. 30, 2022

(6) DEBT

Long-term debt, net, consisted of the following as of September 30, 2022 and December 31, 2021:


	September 30, 2022		December 31, 2021
Term Loan due 2027 at 5.30% and 2.84% at September 30, 2022 and December 31, 2021, respectively	$	2,150.7	$	2,161.7
Senior Secured Notes due 2028 at 4.125% at both September 30, 2022 and December 31, 2021	850.0		850.0
ABL Revolving Credit Facility	280.0		—
Unamortized discount and issuance costs	(35.1)		(39.4)
	3,245.6		2,972.3
Less: Current Portion	(21.8)		(21.8)
Total long-term debt, net of current portion	$	3,223.8	$	2,950.5

ABL Revolving Credit Facility

At September 30, 2022, Vertiv Group Corporation (a wholly-owned subsidiary of the Company), as the “Borrower,” and certain subsidiaries of the Borrower as co-borrowers (the “Co-Borrowers”), had $273.1 of availability under the Asset Based Revolving Credit Facility (the “ABL Revolving Credit Facility”) (subject to customary conditions, and subject to separate sublimits for letters of credit, swingline borrowings and borrowings made to certain non-U.S. Co-Borrowers), net of letters of credit outstanding in the aggregate principal amount of $16.9, and taking into account the borrowing base limitations set forth in the ABL Revolving Credit Facility. At September 30, 2022, there was a $280.0 balance on the ABL Revolving Credit Facility with a weighted-average borrowing rate of 3.86%. At December 31, 2021, there was no borrowing balance on the ABL Revolving Credit Facility.

On September 20, 2022, the Borrower and certain subsidiaries entered into Amendment No. 6 (“Sixth Amendment”) and Amendment No. 7 (“Seventh Amendment”) to the ABL Revolving Credit Facility. Among other modifications, the Sixth Amendment converts the interest rate benchmark for currently outstanding and future revolving loans from LIBOR to SOFR, with a 10 basis point credit spread adjustment for all available tenors, EURIBOR, and SONIA, as applicable. Under the Seventh Amendment, the U.S. revolving loan commitments with the U.S. tranche was increased by $115 to a total loan commitment of $570 under the ABL Revolving Credit Facility. All other material provisions of the ABL Revolving Credit Facility were unchanged, including the March 2, 2025 maturity date. We paid $0.5 in legal fees related to the amendments which were capitalized within “Other” on the Unaudited Condensed Consolidated Balance Sheets.

Short-Term Borrowings

As of September 30, 2022, we had short-term borrowings of $16.8 with a borrowing rate of 3.7% included in “Accrued expenses and other liabilities” on the Unaudited Condensed Consolidated Balance Sheets.