DEBT

3 Months Ended

Mar. 31, 2024

(5) DEBT

Long-term debt, net, consisted of the following as of March 31, 2024 and December 31, 2023:


	March 31, 2024		December 31, 2023
Term Loan due 2027 at 7.94% and 7.97% at March 31, 2024 and December 31, 2023, respectively	$	2,112.8	$	2,118.1
Senior Secured Notes due 2028 at 4.125% at both March 31, 2024 and December 31, 2023	850.0		850.0

Unamortized discount and issuance costs	(25.5)		(27.2)
	2,937.3		2,940.9
Less: Current Portion	(21.2)		(21.8)
Total long-term debt, net of current portion	$	2,916.1	$	2,919.1

ABL Revolving Credit Facility

On February 16, 2024, the Borrower and certain subsidiaries entered into Amendment No. 8 (the “Eighth Amendment”), which, among other modifications, extended the maturity date of the ABL Revolving Credit Facility to be five years from the date of the Eighth Amendment (subject to an earlier springing maturity date if certain other indebtedness for borrowed money matures earlier), increased the revolving loan commitments tranche by $30.0 to a total loan commitment of $600.0 under the ABL Revolving Credit Facility, modified certain borrowing base reporting requirements and removed the French tranche and the FILO tranches from the ABL Revolving Credit Facility.

At March 31, 2024, Vertiv Group Corporation (a wholly-owned subsidiary of the Company), as Borrower, and certain subsidiaries of the Borrower as co-borrowers (the “Co-Borrowers”), had $584.2 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 $15.8, and taking into account the borrowing base limitations set forth in the ABL Revolving Credit Facility. At both March 31, 2024 and December 31, 2023, there was no outstanding balance on the ABL Revolving Credit Facility.