Company: VRT
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0001628280-25-019372
Chunk: 59

Company: Vertiv Holdings Co
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 8
Chunk 59
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$(4.5)$0.3 $21.0 

(5) DEBTLong-term debt, net, consisted of the following as of March 31, 2025 and December 31, 2024:March 31, 2025December 31, 2024Term Loan due 2027 at 6.07% and 6.19% at March 31, 2025 and December 31, 2024, respectively$2,091.7 $2,097.0 Senior Secured Notes due 2028 at 4.125% at both March 31, 2025 and December 31, 2024850.0 850.0 Unamortized discount and issuance costs(16.6)(18.8)2,925.1 2,928.2 Less: current portion(21.0)(21.0)Total long-term debt, net of current portion$2,904.1 $2,907.2 ABL Revolving Credit FacilityAt March 31, 2025, Vertiv Group Corporation (the "Borrower"), a wholly-owned subsidiary of the Company and certain subsidiaries of the Borrower (the “Co-Borrowers”), had $784.2 of availability under the Asset Based Revolving Credit Facility, due 2029 (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, 2025 and December 31, 2024, there was no outstanding balance on the ABL Revolving Credit Facility.

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(6) INCOME TAXESThe Company’s effective tax rate was 38.0% and 54.6% for the three months ended March 31, 2025 and 2024, respectively. The effective tax rate in the three months ended March 31, 2025 is primarily influenced by the negative impact of a valuation allowance established to account for legislative changes effective in the first quarter of 2025 partially offset by discrete tax benefits related to changes in deferred tax liabilities and stock compensation.  The effective rate for the comparative three months ended March