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Apex Tool plans new debt for $1.6 billion acquisition by Bain Capital
By Sara Rosenberg
New York, Oct. 10 - Apex Tool Group LLC is planning on getting new debt financing for its buyout by Bain Capital from Cooper Industries and Danaher Corp., according to a market source.
Barclays, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co., Morgan Stanley Senior Funding Inc. and RBC Capital Markets LLC are leading the financing, the source said.
Under the agreement, the Cooper and Danaher 50% joint venture is being purchased for about $1.6 billion.
Closing is expected in the first half of 2013, subject to customary conditions, including regulatory approvals.
Apex Tool is a Sparks, Md.-based tool manufacturer.
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