Income-statement, balance-sheet and cash-flow figures from SEC filings, plus a debt profile anchored in the latest 10-K and updated by each 10-Q and debt exhibit.
Italic rows are computed from reported lines — open a row's info icon for its formula. Values reflect the latest filing (restatements included); per-share figures on today's split basis. Click a value for its source filing.
TTM: trailing twelve months through the latest reported quarter — flows sum the last four quarters, balances take the latest. 3Y/5Y/10Y columns are trailing CAGR from the newest fiscal year; blank where an endpoint is missing or negative. (G): the company's own guidance — a (G) column is a guided period not yet reported; a G marker shows how the reported figure landed against the guided range. Non-GAAP-basis guidance (*) is shown as stated and never judged against GAAP actuals.
Capital Returned to Shareholders
Cash spent on share repurchases and dividends per fiscal year, as reported on the cash-flow statement.
Across FY2018–FY2025: $599.9M in buybacks, $129.2M in dividends.
Debt Profile
Reported borrowing balances, repayment dates and agreement terms, with links to the underlying filings.
Reported debt balances
Each amount keeps its reported scope. Related balance-sheet measures appear under the borrowing they describe.
Related accounting measures — not additional borrowing
Carrying amounts can reflect issuance costs or discounts. Differences between these measures are not necessarily repayments due within a year.
Current portion of long-term debt
USD 0
Noncurrent debt carrying amount
USD 2,939,800,000
1 filing observation remains unmatched and is excluded from instrument histories.
Instrument and agreement coverage is incomplete. Additional filings are awaiting review.
1 filing has incomplete source or extraction coverage. Verified observations are shown; missing observations do not establish that debt was unchanged.
Covenants
Some sections could not be verified in 1 agreement document. Other restrictions or tests may apply.
Verified tests, triggers and restrictions appear with each agreement below. A verified term does not establish current compliance.
Loans, facilities and notes
4.850% Senior Notes due 2036
Note · Vertiv Holdings Co
Reference: 4.850% Senior Notes due 2036
Active
Original principal
USD 600,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
—
Last reported interest terms:
4.85%
Reported 2026-03-03Later filings may not restate these terms; this does not confirm they still apply.
Verified covenant terms
Section 3.1(c) · Limitations on LiensExempted Debt does not exceed 15% of Consolidated Net Tangible Assets.Applies to every series under this agreementMetric: Exempted DebtStated threshold: 15 %Testing frequency: at the time of and after giving effect to the creation, assumption, renewal, extension or replacementSection 3.1. Limitations on Liens.Full wording and supporting evidence
Source evidence: (c) Notwithstanding Section 3.1(a) hereof, the Company or any Restricted Subsidiary may create or assume Liens in addition to those permitted by Section 3.1(b) hereof, and renew, extend or replace such Liens, provided that at the time of and after giving effect to the creation, assumption, renewal, extension or replacement, Exempted Debt does not exceed 15% of Consolidated Net Tangible Assets.
Target identity evidence: FIRST SUPPLEMENTAL INDENTURE, dated as of March 3, 2026 (herein called this “First Supplemental Indenture”), between Vertiv Holdings Co, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
Section 3.2(c) · Exempted Debt does not exceed 15%provided that at the time of entering into and giving effect to such sale and lease-back transactions, Exempted Debt does not exceed 15% of Consolidated Net Tangible Assets.Applies to every series under this agreementMetric: Exempted DebtStated threshold: 15 %Testing frequency: at the time of entering into and giving effect to such sale and lease-back transactionsSection 3.2. Restriction on Sale and Lease-Back Transactions.Full wording and supporting evidence
Source evidence: (c) Notwithstanding anything in this Section 3.2 hereof to the contrary, the Company or any Restricted Subsidiary may enter into sale and lease-back transactions in addition to those permitted by Section 3.2(a) hereof, without any obligation to retire any outstanding debt securities or other Funded Debt, provided that at the time of entering into and giving effect to such sale and lease-back transactions, Exempted Debt does not exceed 15% of Consolidated Net Tangible Assets.
Target identity evidence: FIRST SUPPLEMENTAL INDENTURE, dated as of March 3, 2026 (herein called this “First Supplemental Indenture”), between Vertiv Holdings Co, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
Section 3.1(a) · Limitations on LiensThe Company will not, and will not permit any Restricted Subsidiary to, create or incur any Lien that secures Indebtedness on any Principal PropertyApplies to every series under this agreementSection 3.1. Limitations on Liens.Full wording and supporting evidence
Source evidence: (a) The Company will not, and will not permit any Restricted Subsidiary to, create or incur any Lien that secures Indebtedness on any Principal Property owned by the Company or a Restricted Subsidiary, whether such Principal Property is owned at the date of this First Supplemental Indenture or acquired afterwards, unless the Company secures or causes the applicable Restricted Subsidiary to secure the Notes equally and ratably with (or, at the Company’s option, prior to) all such Indebtedness secured by the particular Lien; provided that any Lien created for the benefit of the holders of the Notes pursuant to this provision will be automatically and unconditionally released and discharged upon release and discharge of the Lien that resulted in such provision becoming applicable.
Target identity evidence: FIRST SUPPLEMENTAL INDENTURE, dated as of March 3, 2026 (herein called this “First Supplemental Indenture”), between Vertiv Holdings Co, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
Section 3.2(a) · sell or transfer, directly or indirectlyThe Company will not, and will not permit any Restricted Subsidiary to, sell or transfer, directly or indirectly, except to the Company or to a Subsidiary of the Company, any Principal Property as an entiretyApplies to every series under this agreementSection 3.2. Restriction on Sale and Lease-Back Transactions.Full wording and supporting evidence
Source evidence: (a) The Company will not, and will not permit any Restricted Subsidiary to, sell or transfer, directly or indirectly, except to the Company or to a Subsidiary of the Company, any Principal Property as an entirety, or any substantial portion of that Principal Property, in each case with the intention of taking back a lease of such Principal Property, except a lease for a period of three years or less at the end of which it is intended that the use of that Principal Property by the lessee will be discontinued.
Target identity evidence: FIRST SUPPLEMENTAL INDENTURE, dated as of March 3, 2026 (herein called this “First Supplemental Indenture”), between Vertiv Holdings Co, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
Section 3.3(a) · Change of Control Repurchase Eventthe Company shall make an offer (a “Change of Control Offer”) to each Holder of such series of Notes to purchaseApplies to every series under this agreementSpringingTrigger: Upon the occurrence of a Change of Control Repurchase EventSection 3.3. Change of Control Repurchase Event.Full wording and supporting evidence
Source evidence: (a) Upon the occurrence of a Change of Control Repurchase Event with respect to a series of Notes, unless the Company has exercised its right to redeem such Notes pursuant to Section 2.6 hereof, the Company shall make an offer (a “Change of Control Offer”) to each Holder of such series of Notes to purchase, at such Holder’s option
Target identity evidence: FIRST SUPPLEMENTAL INDENTURE, dated as of March 3, 2026 (herein called this “First Supplemental Indenture”), between Vertiv Holdings Co, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
3. · Change of Control OfferUpon the occurrence of a Change of Control Repurchase Event, the Company shall be required to make a Change of Control OfferApplies to every series under this agreement5.800% Senior Notes due 2056Full wording and supporting evidence
Source evidence: 3. Upon the occurrence of a Change of Control Repurchase Event, the Company shall be required to make a Change of Control Offer to each Holder of the Notes to purchase, at such Holder’s option, all or a portion of such Holder’s Notes on the terms and conditions set forth in the Indenture.
Target identity evidence: FIRST SUPPLEMENTAL INDENTURE, dated as of March 3, 2026 (herein called this “First Supplemental Indenture”), between Vertiv Holdings Co, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
4. · Event of Default with respect to the Notes shall occur and be continuingIf an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may, depending on the nature of the Event of Default, become automatically due and payableApplies to every series under this agreement5.800% Senior Notes due 2056Full wording and supporting evidence
Source evidence: 4. If an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may, depending on the nature of the Event of Default, become automatically due and payable or may be declared due and payable in the manner and with the effect provided in the Indenture.
Target identity evidence: FIRST SUPPLEMENTAL INDENTURE, dated as of March 3, 2026 (herein called this “First Supplemental Indenture”), between Vertiv Holdings Co, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
Issuer evidence: FIRST SUPPLEMENTAL INDENTURE, dated as of March 3, 2026 (herein called this “First Supplemental Indenture”), between Vertiv Holdings Co, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
Supporting evidence: WHEREAS, the Company desires to create four series of the Securities to be designated (i) the “4.850% Senior Notes due 2036”, (ii) the “5.650% Senior Notes due 2046”, (iii) the “5.800% Senior Notes due 2056”, and (iv) the “5.950% Senior Notes due 2066” and all action on the part of the Company necessary to authorize the issuance of the Notes (as hereinafter defined) under the Base Indenture and this First Supplemental Indenture has been duly taken; and
5.650% Senior Notes due 2046
Note · Vertiv Holdings Co
Reference: 5.650% Senior Notes due 2046
Active
Original principal
USD 500,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
—
Last reported interest terms:
5.65%
Reported 2026-03-03Later filings may not restate these terms; this does not confirm they still apply.
Verified covenant terms
Section 3.1(c) · Limitations on LiensExempted Debt does not exceed 15% of Consolidated Net Tangible Assets.Applies to every series under this agreementMetric: Exempted DebtStated threshold: 15 %Testing frequency: at the time of and after giving effect to the creation, assumption, renewal, extension or replacementSection 3.1. Limitations on Liens.Full wording and supporting evidence
Source evidence: (c) Notwithstanding Section 3.1(a) hereof, the Company or any Restricted Subsidiary may create or assume Liens in addition to those permitted by Section 3.1(b) hereof, and renew, extend or replace such Liens, provided that at the time of and after giving effect to the creation, assumption, renewal, extension or replacement, Exempted Debt does not exceed 15% of Consolidated Net Tangible Assets.
Target identity evidence: FIRST SUPPLEMENTAL INDENTURE, dated as of March 3, 2026 (herein called this “First Supplemental Indenture”), between Vertiv Holdings Co, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
Section 3.2(c) · Exempted Debt does not exceed 15%provided that at the time of entering into and giving effect to such sale and lease-back transactions, Exempted Debt does not exceed 15% of Consolidated Net Tangible Assets.Applies to every series under this agreementMetric: Exempted DebtStated threshold: 15 %Testing frequency: at the time of entering into and giving effect to such sale and lease-back transactionsSection 3.2. Restriction on Sale and Lease-Back Transactions.Full wording and supporting evidence
Source evidence: (c) Notwithstanding anything in this Section 3.2 hereof to the contrary, the Company or any Restricted Subsidiary may enter into sale and lease-back transactions in addition to those permitted by Section 3.2(a) hereof, without any obligation to retire any outstanding debt securities or other Funded Debt, provided that at the time of entering into and giving effect to such sale and lease-back transactions, Exempted Debt does not exceed 15% of Consolidated Net Tangible Assets.
Target identity evidence: FIRST SUPPLEMENTAL INDENTURE, dated as of March 3, 2026 (herein called this “First Supplemental Indenture”), between Vertiv Holdings Co, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
Section 3.1(a) · Limitations on LiensThe Company will not, and will not permit any Restricted Subsidiary to, create or incur any Lien that secures Indebtedness on any Principal PropertyApplies to every series under this agreementSection 3.1. Limitations on Liens.Full wording and supporting evidence
Source evidence: (a) The Company will not, and will not permit any Restricted Subsidiary to, create or incur any Lien that secures Indebtedness on any Principal Property owned by the Company or a Restricted Subsidiary, whether such Principal Property is owned at the date of this First Supplemental Indenture or acquired afterwards, unless the Company secures or causes the applicable Restricted Subsidiary to secure the Notes equally and ratably with (or, at the Company’s option, prior to) all such Indebtedness secured by the particular Lien; provided that any Lien created for the benefit of the holders of the Notes pursuant to this provision will be automatically and unconditionally released and discharged upon release and discharge of the Lien that resulted in such provision becoming applicable.
Target identity evidence: FIRST SUPPLEMENTAL INDENTURE, dated as of March 3, 2026 (herein called this “First Supplemental Indenture”), between Vertiv Holdings Co, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
Section 3.2(a) · sell or transfer, directly or indirectlyThe Company will not, and will not permit any Restricted Subsidiary to, sell or transfer, directly or indirectly, except to the Company or to a Subsidiary of the Company, any Principal Property as an entiretyApplies to every series under this agreementSection 3.2. Restriction on Sale and Lease-Back Transactions.Full wording and supporting evidence
Source evidence: (a) The Company will not, and will not permit any Restricted Subsidiary to, sell or transfer, directly or indirectly, except to the Company or to a Subsidiary of the Company, any Principal Property as an entirety, or any substantial portion of that Principal Property, in each case with the intention of taking back a lease of such Principal Property, except a lease for a period of three years or less at the end of which it is intended that the use of that Principal Property by the lessee will be discontinued.
Target identity evidence: FIRST SUPPLEMENTAL INDENTURE, dated as of March 3, 2026 (herein called this “First Supplemental Indenture”), between Vertiv Holdings Co, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
Section 3.3(a) · Change of Control Repurchase Eventthe Company shall make an offer (a “Change of Control Offer”) to each Holder of such series of Notes to purchaseApplies to every series under this agreementSpringingTrigger: Upon the occurrence of a Change of Control Repurchase EventSection 3.3. Change of Control Repurchase Event.Full wording and supporting evidence
Source evidence: (a) Upon the occurrence of a Change of Control Repurchase Event with respect to a series of Notes, unless the Company has exercised its right to redeem such Notes pursuant to Section 2.6 hereof, the Company shall make an offer (a “Change of Control Offer”) to each Holder of such series of Notes to purchase, at such Holder’s option
Target identity evidence: FIRST SUPPLEMENTAL INDENTURE, dated as of March 3, 2026 (herein called this “First Supplemental Indenture”), between Vertiv Holdings Co, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
3. · Change of Control OfferUpon the occurrence of a Change of Control Repurchase Event, the Company shall be required to make a Change of Control OfferApplies to every series under this agreement5.800% Senior Notes due 2056Full wording and supporting evidence
Source evidence: 3. Upon the occurrence of a Change of Control Repurchase Event, the Company shall be required to make a Change of Control Offer to each Holder of the Notes to purchase, at such Holder’s option, all or a portion of such Holder’s Notes on the terms and conditions set forth in the Indenture.
Target identity evidence: FIRST SUPPLEMENTAL INDENTURE, dated as of March 3, 2026 (herein called this “First Supplemental Indenture”), between Vertiv Holdings Co, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
4. · Event of Default with respect to the Notes shall occur and be continuingIf an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may, depending on the nature of the Event of Default, become automatically due and payableApplies to every series under this agreement5.800% Senior Notes due 2056Full wording and supporting evidence
Source evidence: 4. If an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may, depending on the nature of the Event of Default, become automatically due and payable or may be declared due and payable in the manner and with the effect provided in the Indenture.
Target identity evidence: FIRST SUPPLEMENTAL INDENTURE, dated as of March 3, 2026 (herein called this “First Supplemental Indenture”), between Vertiv Holdings Co, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
Issuer evidence: FIRST SUPPLEMENTAL INDENTURE, dated as of March 3, 2026 (herein called this “First Supplemental Indenture”), between Vertiv Holdings Co, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
Supporting evidence: WHEREAS, the Company desires to create four series of the Securities to be designated (i) the “4.850% Senior Notes due 2036”, (ii) the “5.650% Senior Notes due 2046”, (iii) the “5.800% Senior Notes due 2056”, and (iv) the “5.950% Senior Notes due 2066” and all action on the part of the Company necessary to authorize the issuance of the Notes (as hereinafter defined) under the Base Indenture and this First Supplemental Indenture has been duly taken; and
5.800% Senior Notes due 2056
Note · Vertiv Holdings Co
Reference: 5.800% Senior Notes due 2056
Active
Original principal
USD 500,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
—
Last reported interest terms:
5.8%
Reported 2026-03-03Later filings may not restate these terms; this does not confirm they still apply.
Verified covenant terms
Section 3.1(c) · Limitations on LiensExempted Debt does not exceed 15% of Consolidated Net Tangible Assets.Applies to every series under this agreementMetric: Exempted DebtStated threshold: 15 %Testing frequency: at the time of and after giving effect to the creation, assumption, renewal, extension or replacementSection 3.1. Limitations on Liens.Full wording and supporting evidence
Source evidence: (c) Notwithstanding Section 3.1(a) hereof, the Company or any Restricted Subsidiary may create or assume Liens in addition to those permitted by Section 3.1(b) hereof, and renew, extend or replace such Liens, provided that at the time of and after giving effect to the creation, assumption, renewal, extension or replacement, Exempted Debt does not exceed 15% of Consolidated Net Tangible Assets.
Target identity evidence: FIRST SUPPLEMENTAL INDENTURE, dated as of March 3, 2026 (herein called this “First Supplemental Indenture”), between Vertiv Holdings Co, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
Section 3.2(c) · Exempted Debt does not exceed 15%provided that at the time of entering into and giving effect to such sale and lease-back transactions, Exempted Debt does not exceed 15% of Consolidated Net Tangible Assets.Applies to every series under this agreementMetric: Exempted DebtStated threshold: 15 %Testing frequency: at the time of entering into and giving effect to such sale and lease-back transactionsSection 3.2. Restriction on Sale and Lease-Back Transactions.Full wording and supporting evidence
Source evidence: (c) Notwithstanding anything in this Section 3.2 hereof to the contrary, the Company or any Restricted Subsidiary may enter into sale and lease-back transactions in addition to those permitted by Section 3.2(a) hereof, without any obligation to retire any outstanding debt securities or other Funded Debt, provided that at the time of entering into and giving effect to such sale and lease-back transactions, Exempted Debt does not exceed 15% of Consolidated Net Tangible Assets.
Target identity evidence: FIRST SUPPLEMENTAL INDENTURE, dated as of March 3, 2026 (herein called this “First Supplemental Indenture”), between Vertiv Holdings Co, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
Section 3.1(a) · Limitations on LiensThe Company will not, and will not permit any Restricted Subsidiary to, create or incur any Lien that secures Indebtedness on any Principal PropertyApplies to every series under this agreementSection 3.1. Limitations on Liens.Full wording and supporting evidence
Source evidence: (a) The Company will not, and will not permit any Restricted Subsidiary to, create or incur any Lien that secures Indebtedness on any Principal Property owned by the Company or a Restricted Subsidiary, whether such Principal Property is owned at the date of this First Supplemental Indenture or acquired afterwards, unless the Company secures or causes the applicable Restricted Subsidiary to secure the Notes equally and ratably with (or, at the Company’s option, prior to) all such Indebtedness secured by the particular Lien; provided that any Lien created for the benefit of the holders of the Notes pursuant to this provision will be automatically and unconditionally released and discharged upon release and discharge of the Lien that resulted in such provision becoming applicable.
Target identity evidence: FIRST SUPPLEMENTAL INDENTURE, dated as of March 3, 2026 (herein called this “First Supplemental Indenture”), between Vertiv Holdings Co, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
Section 3.2(a) · sell or transfer, directly or indirectlyThe Company will not, and will not permit any Restricted Subsidiary to, sell or transfer, directly or indirectly, except to the Company or to a Subsidiary of the Company, any Principal Property as an entiretyApplies to every series under this agreementSection 3.2. Restriction on Sale and Lease-Back Transactions.Full wording and supporting evidence
Source evidence: (a) The Company will not, and will not permit any Restricted Subsidiary to, sell or transfer, directly or indirectly, except to the Company or to a Subsidiary of the Company, any Principal Property as an entirety, or any substantial portion of that Principal Property, in each case with the intention of taking back a lease of such Principal Property, except a lease for a period of three years or less at the end of which it is intended that the use of that Principal Property by the lessee will be discontinued.
Target identity evidence: FIRST SUPPLEMENTAL INDENTURE, dated as of March 3, 2026 (herein called this “First Supplemental Indenture”), between Vertiv Holdings Co, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
Section 3.3(a) · Change of Control Repurchase Eventthe Company shall make an offer (a “Change of Control Offer”) to each Holder of such series of Notes to purchaseApplies to every series under this agreementSpringingTrigger: Upon the occurrence of a Change of Control Repurchase EventSection 3.3. Change of Control Repurchase Event.Full wording and supporting evidence
Source evidence: (a) Upon the occurrence of a Change of Control Repurchase Event with respect to a series of Notes, unless the Company has exercised its right to redeem such Notes pursuant to Section 2.6 hereof, the Company shall make an offer (a “Change of Control Offer”) to each Holder of such series of Notes to purchase, at such Holder’s option
Target identity evidence: FIRST SUPPLEMENTAL INDENTURE, dated as of March 3, 2026 (herein called this “First Supplemental Indenture”), between Vertiv Holdings Co, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
3. · Change of Control OfferUpon the occurrence of a Change of Control Repurchase Event, the Company shall be required to make a Change of Control OfferApplies to every series under this agreement5.800% Senior Notes due 2056Full wording and supporting evidence
Source evidence: 3. Upon the occurrence of a Change of Control Repurchase Event, the Company shall be required to make a Change of Control Offer to each Holder of the Notes to purchase, at such Holder’s option, all or a portion of such Holder’s Notes on the terms and conditions set forth in the Indenture.
Target identity evidence: FIRST SUPPLEMENTAL INDENTURE, dated as of March 3, 2026 (herein called this “First Supplemental Indenture”), between Vertiv Holdings Co, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
4. · Event of Default with respect to the Notes shall occur and be continuingIf an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may, depending on the nature of the Event of Default, become automatically due and payableApplies to every series under this agreement5.800% Senior Notes due 2056Full wording and supporting evidence
Source evidence: 4. If an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may, depending on the nature of the Event of Default, become automatically due and payable or may be declared due and payable in the manner and with the effect provided in the Indenture.
Target identity evidence: FIRST SUPPLEMENTAL INDENTURE, dated as of March 3, 2026 (herein called this “First Supplemental Indenture”), between Vertiv Holdings Co, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
Issuer evidence: FIRST SUPPLEMENTAL INDENTURE, dated as of March 3, 2026 (herein called this “First Supplemental Indenture”), between Vertiv Holdings Co, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
Supporting evidence: WHEREAS, the Company desires to create four series of the Securities to be designated (i) the “4.850% Senior Notes due 2036”, (ii) the “5.650% Senior Notes due 2046”, (iii) the “5.800% Senior Notes due 2056”, and (iv) the “5.950% Senior Notes due 2066” and all action on the part of the Company necessary to authorize the issuance of the Notes (as hereinafter defined) under the Base Indenture and this First Supplemental Indenture has been duly taken; and
5.950% Senior Notes due 2066
Note · Vertiv Holdings Co
Reference: 5.950% Senior Notes due 2066
Active
Original principal
USD 500,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
—
Last reported interest terms:
5.95%
Reported 2026-03-03Later filings may not restate these terms; this does not confirm they still apply.
Verified covenant terms
Section 3.1(c) · Limitations on LiensExempted Debt does not exceed 15% of Consolidated Net Tangible Assets.Applies to every series under this agreementMetric: Exempted DebtStated threshold: 15 %Testing frequency: at the time of and after giving effect to the creation, assumption, renewal, extension or replacementSection 3.1. Limitations on Liens.Full wording and supporting evidence
Source evidence: (c) Notwithstanding Section 3.1(a) hereof, the Company or any Restricted Subsidiary may create or assume Liens in addition to those permitted by Section 3.1(b) hereof, and renew, extend or replace such Liens, provided that at the time of and after giving effect to the creation, assumption, renewal, extension or replacement, Exempted Debt does not exceed 15% of Consolidated Net Tangible Assets.
Target identity evidence: FIRST SUPPLEMENTAL INDENTURE, dated as of March 3, 2026 (herein called this “First Supplemental Indenture”), between Vertiv Holdings Co, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
Section 3.2(c) · Exempted Debt does not exceed 15%provided that at the time of entering into and giving effect to such sale and lease-back transactions, Exempted Debt does not exceed 15% of Consolidated Net Tangible Assets.Applies to every series under this agreementMetric: Exempted DebtStated threshold: 15 %Testing frequency: at the time of entering into and giving effect to such sale and lease-back transactionsSection 3.2. Restriction on Sale and Lease-Back Transactions.Full wording and supporting evidence
Source evidence: (c) Notwithstanding anything in this Section 3.2 hereof to the contrary, the Company or any Restricted Subsidiary may enter into sale and lease-back transactions in addition to those permitted by Section 3.2(a) hereof, without any obligation to retire any outstanding debt securities or other Funded Debt, provided that at the time of entering into and giving effect to such sale and lease-back transactions, Exempted Debt does not exceed 15% of Consolidated Net Tangible Assets.
Target identity evidence: FIRST SUPPLEMENTAL INDENTURE, dated as of March 3, 2026 (herein called this “First Supplemental Indenture”), between Vertiv Holdings Co, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
Section 3.1(a) · Limitations on LiensThe Company will not, and will not permit any Restricted Subsidiary to, create or incur any Lien that secures Indebtedness on any Principal PropertyApplies to every series under this agreementSection 3.1. Limitations on Liens.Full wording and supporting evidence
Source evidence: (a) The Company will not, and will not permit any Restricted Subsidiary to, create or incur any Lien that secures Indebtedness on any Principal Property owned by the Company or a Restricted Subsidiary, whether such Principal Property is owned at the date of this First Supplemental Indenture or acquired afterwards, unless the Company secures or causes the applicable Restricted Subsidiary to secure the Notes equally and ratably with (or, at the Company’s option, prior to) all such Indebtedness secured by the particular Lien; provided that any Lien created for the benefit of the holders of the Notes pursuant to this provision will be automatically and unconditionally released and discharged upon release and discharge of the Lien that resulted in such provision becoming applicable.
Target identity evidence: FIRST SUPPLEMENTAL INDENTURE, dated as of March 3, 2026 (herein called this “First Supplemental Indenture”), between Vertiv Holdings Co, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
Section 3.2(a) · sell or transfer, directly or indirectlyThe Company will not, and will not permit any Restricted Subsidiary to, sell or transfer, directly or indirectly, except to the Company or to a Subsidiary of the Company, any Principal Property as an entiretyApplies to every series under this agreementSection 3.2. Restriction on Sale and Lease-Back Transactions.Full wording and supporting evidence
Source evidence: (a) The Company will not, and will not permit any Restricted Subsidiary to, sell or transfer, directly or indirectly, except to the Company or to a Subsidiary of the Company, any Principal Property as an entirety, or any substantial portion of that Principal Property, in each case with the intention of taking back a lease of such Principal Property, except a lease for a period of three years or less at the end of which it is intended that the use of that Principal Property by the lessee will be discontinued.
Target identity evidence: FIRST SUPPLEMENTAL INDENTURE, dated as of March 3, 2026 (herein called this “First Supplemental Indenture”), between Vertiv Holdings Co, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
Section 3.3(a) · Change of Control Repurchase Eventthe Company shall make an offer (a “Change of Control Offer”) to each Holder of such series of Notes to purchaseApplies to every series under this agreementSpringingTrigger: Upon the occurrence of a Change of Control Repurchase EventSection 3.3. Change of Control Repurchase Event.Full wording and supporting evidence
Source evidence: (a) Upon the occurrence of a Change of Control Repurchase Event with respect to a series of Notes, unless the Company has exercised its right to redeem such Notes pursuant to Section 2.6 hereof, the Company shall make an offer (a “Change of Control Offer”) to each Holder of such series of Notes to purchase, at such Holder’s option
Target identity evidence: FIRST SUPPLEMENTAL INDENTURE, dated as of March 3, 2026 (herein called this “First Supplemental Indenture”), between Vertiv Holdings Co, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
3. · Change of Control OfferUpon the occurrence of a Change of Control Repurchase Event, the Company shall be required to make a Change of Control OfferApplies to every series under this agreement5.800% Senior Notes due 2056Full wording and supporting evidence
Source evidence: 3. Upon the occurrence of a Change of Control Repurchase Event, the Company shall be required to make a Change of Control Offer to each Holder of the Notes to purchase, at such Holder’s option, all or a portion of such Holder’s Notes on the terms and conditions set forth in the Indenture.
Target identity evidence: FIRST SUPPLEMENTAL INDENTURE, dated as of March 3, 2026 (herein called this “First Supplemental Indenture”), between Vertiv Holdings Co, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
17. · Upon the occurrence of a Change of Control Repurchase Event, the Company shall be required to make a Change of Control OfferUpon the occurrence of a Change of Control Repurchase Event, the Company shall be required to make a Change of Control Offer to each Holder of the Notes17.Full wording and supporting evidence
Source evidence: 17. Upon the occurrence of a Change of Control Repurchase Event, the Company shall be required to make a Change of Control Offer to each Holder of the Notes to purchase, at such Holder’s option, all or a portion of such Holder’s Notes on the terms and conditions set forth in the Indenture.
Target identity evidence: FIRST SUPPLEMENTAL INDENTURE, dated as of March 3, 2026 (herein called this “First Supplemental Indenture”), between Vertiv Holdings Co, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
Target identity evidence: (iv) a series which shall be designated the “5.950% Senior Notes due 2066” (the “2066 Notes” and, together with the 2036 Notes, the 2046 Notes and the 2056 Notes, the “Notes”)
4. · Event of Default with respect to the Notes shall occur and be continuingIf an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may, depending on the nature of the Event of Default, become automatically due and payableApplies to every series under this agreement5.800% Senior Notes due 2056Full wording and supporting evidence
Source evidence: 4. If an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may, depending on the nature of the Event of Default, become automatically due and payable or may be declared due and payable in the manner and with the effect provided in the Indenture.
Target identity evidence: FIRST SUPPLEMENTAL INDENTURE, dated as of March 3, 2026 (herein called this “First Supplemental Indenture”), between Vertiv Holdings Co, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
18. · If an Event of Default with respect to the Notes shall occur and be continuingIf an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may, depending on the nature of the Event of Default, become automatically due and payable or may be declared due and payable18.Full wording and supporting evidence
Source evidence: 18. If an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may, depending on the nature of the Event of Default, become automatically due and payable or may be declared due and payable in the manner and with the effect provided in the Indenture.
Target identity evidence: FIRST SUPPLEMENTAL INDENTURE, dated as of March 3, 2026 (herein called this “First Supplemental Indenture”), between Vertiv Holdings Co, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
Target identity evidence: (iv) a series which shall be designated the “5.950% Senior Notes due 2066” (the “2066 Notes” and, together with the 2036 Notes, the 2046 Notes and the 2056 Notes, the “Notes”)
Issuer evidence: FIRST SUPPLEMENTAL INDENTURE, dated as of March 3, 2026 (herein called this “First Supplemental Indenture”), between Vertiv Holdings Co, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
Supporting evidence: WHEREAS, the Company desires to create four series of the Securities to be designated (i) the “4.850% Senior Notes due 2036”, (ii) the “5.650% Senior Notes due 2046”, (iii) the “5.800% Senior Notes due 2056”, and (iv) the “5.950% Senior Notes due 2066” and all action on the part of the Company necessary to authorize the issuance of the Notes (as hereinafter defined) under the Base Indenture and this First Supplemental Indenture has been duly taken; and
Price & Valuation
Multiples computed on the strict TTM/EV methodology — today's snapshot against peers, and each ratio recomputed as of past filing dates.
Valuation
EV/Revenue
7.02×
Peer median 4.77×
EV/EBIT
37.04×
Peer median 29.22×
P/E (TTM)
47.25×
Peer median 33.05×
Peer medians compare against the 6 similar-size Electrical Equipment & Parts companies (of 51 listed).
Valuation over time computed as of each quarter's filing date
Revenue Breakdown
Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.
Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.
By Segment (USD)
Component
FY2025
FY2024
FY2023
FY2022
FY2021
FY2020
FY2019
FY2018
Americas Segment
$6,386,300,000
$4,500,600,000
$3,844,500,000
$2,728,600,000
$2,206,400,000
$2,040,600,000
$2,229,100,000
$2,145,700,000
Asia Pacific Segment
$2,019,200,000
$1,717,800,000
$1,527,800,000
$1,601,300,000
$1,693,600,000
$1,368,400,000
$1,278,000,000
$1,244,200,000
EMEA Segment
$1,824,400,000
$1,793,400,000
$1,490,900,000
$1,361,600,000
$1,267,400,000
$961,600,000
$924,100,000
$895,700,000
By Geography (USD)
Component
FY2025
FY2024
FY2023
FY2022
FY2021
FY2020
FY2019
FY2018
United States
$6,013,600,000
$4,085,800,000
$3,430,300,000
$2,430,600,000
$1,874,900,000
$1,762,400,000
$1,892,400,000
$1,831,100,000
Asia
$2,020,300,000
$1,701,500,000
$1,480,300,000
$1,543,900,000
$1,561,300,000
$1,366,100,000
$1,285,600,000
$1,264,900,000
Europe
$1,474,600,000
$1,523,500,000
$1,307,100,000
$1,151,600,000
$1,053,900,000
$777,000,000
$763,900,000
$740,800,000
Latin America and Canada
$436,900,000
$426,900,000
$448,900,000
$377,300,000
—
—
—
—
Middle East and Africa
$284,500,000
$274,100,000
$196,600,000
$188,100,000
$189,200,000
$188,800,000
$151,300,000
$141,700,000
China
—
—
—
$746,300,000
$862,700,000
$778,500,000
$669,200,000
$644,500,000
Latin America
—
—
—
$259,600,000
$218,300,000
$180,600,000
$213,000,000
$195,900,000
United States and Canada
—
—
—
$2,548,300,000
$1,975,400,000
$1,858,100,000
$2,017,400,000
$1,942,300,000
By Product & Service (USD)
Component
FY2025
FY2024
FY2023
FY2022
FY2021
FY2020
FY2019
FY2018
Product
$8,390,600,000
$6,393,500,000
$5,406,100,000
$4,335,300,000
—
—
—
—
Service
$1,839,300,000
$1,618,300,000
$1,457,100,000
$1,356,200,000
—
—
—
—
Critical Infrastructure and Solutions
—
—
$4,449,100,000
$3,475,300,000
$2,900,400,000
$2,434,600,000
$2,467,500,000
$2,301,100,000
Integrated Rack Solutions
—
—
$822,100,000
$735,600,000
$659,000,000
$618,900,000
$625,600,000
$679,200,000
Services and Spares
—
—
$1,592,000,000
$1,480,600,000
$1,438,700,000
$1,317,100,000
$1,338,100,000
$1,305,300,000
Segment Operating Income
Annual operating income by business segment, as tagged in the company's own XBRL filings. Segments need not sum to the consolidated figure — corporate costs and eliminations are typically unallocated.
