Apex Tool launches $855 million term loan at SOFR plus 525-550 bps

By Sara Rosenberg

New York, Jan. 27 – Apex Tool Group LLC launched on Thursday its $855 million seven-year senior secured first-lien term loan with price talk of SOFR+CSA plus 525 basis points to 550 bps with a 0.5% floor and an original issue discount of 99 to 99.5, according to a market source.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

The term loan has 101 soft call protection for six months, the source said.

Commitments are due at noon ET on Feb. 3.

The company is also getting a $350 million privately placed second-lien term loan.

Barclays is the lead arranger and administrative agent on the deal.

Proceeds will be used with new cash equity from Bain Capital to refinance the company’s existing capital structure.

Apex Tool is a Sparks, Md.-based manufacturer and supplier of hand and power tools for industrial, commercial and demanding do-it-yourself applications.

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