DEBT

6 Months Ended

Jun. 30, 2024

(5) DEBT

Long-term debt, net, consisted of the following as of June 30, 2024 and December 31, 2023:


	June 30, 2024		December 31, 2023
Term Loan due 2027 at 7.33% and 7.97% at June 30, 2024 and December 31, 2023, respectively	$	2,107.5	$	2,118.1
Senior Secured Notes due 2028 at 4.125% at both June 30, 2024 and December 31, 2023	850.0		850.0

Unamortized discount and issuance costs	(22.6)		(27.2)
	2,934.9		2,940.9
Less: Current Portion	(21.2)		(21.8)
Total long-term debt, net of current portion	$	2,913.7	$	2,919.1

Term Loan Amendment

On June 13, 2024, pursuant to an amendment ("Amendment No. 4") to our Term Loan Credit Agreement (the "Credit Agreement"), among other modifications, the interest rate margin for the outstanding term loans under the Credit Agreement was reduced by 0.50%, to 2.00% in respect of term loans bearing interest based on the Term SOFR rate (as defined therein) and to 1.00% in respect of term loans bearing interest based on the Base Rate (as defined herein). Additionally, pursuant to Amendment No. 4, the Term SOFR adjustments for all interest periods were removed, reducing the interest rate on term loans bearing interest based on the Term SOFR rate (a) for an interest period of one month by 0.11448%, (b) for an interest period of three months by 0.26161%, (c) for an interest period of six months by 0.42826%, and (d) for an interest period of twelve months by 0.71513%. The maturity date for all term loans under the Credit Agreement remains March 2, 2027, and all other material provisions of the Credit Agreement remain materially unchanged. The Company recognized a loss on the extinguishment of debt of $1.1 related to the interest rate reduction for the three and six months ended June 30, 2024.

ABL Revolving Credit Facility

On February 16, 2024, Vertiv Group Corporation (a wholly-owned subsidiary of the Company), as the borrower, and certain subsidiaries ("Co-Borrowers") entered into Amendment No. 8 (the “Eighth Amendment”) to our Asset Based Revolving Credit Facility (the "ABL Revolving Credit Facility"), 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 June 30, 2024, Borrower and, “Co-Borrowers”, had $585.0 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 $15.0, and taking into account the borrowing base limitations set forth in the ABL Revolving Credit Facility. At both June 30, 2024 and December 31, 2023, there was no outstanding balance on the ABL Revolving Credit Facility.