Benzinga | Oct 13, 2021 01:38PM EDT

Vertiv To Raise $850M Via Debt Offering To Fund E&I Acquisition

* Vertiv Holdings Co (NYSE:VRT) subsidiary Vertiv Group Corporation intends to offer $850 million of its Senior Secured Notes due 2028 in a private placement.

* Vertiv plans to use the net proceeds, together with cash on hand, to finance the cash portion of the purchase price of the pending acquisition of E&I Engineering Ireland Limited and its affiliate, Powerbar Gulf LLC.

* Related Content: Vertiv Acquires E&I Engineering Group For $1.8B; Cuts Q3, FY21 Outlook

* Vertiv held cash and cash equivalents of $716.8 million as of June 30, 2021.

* Price Action: VRT shares are trading lower by 0.30% at $21.64 on the last check Wednesday.