Apex Tool talks $450 million eight-year notes to yield 7%-7¼%

By Paul A. Harris

Portland, Ore., Jan. 24 - Apex Tool Group, LLC and BC Mountain Finance Inc. talked their $450 million offering of eight-year senior notes (B3/B-) to yield 7% to 7¼%, a buyside source said on Thursday.

Books close Thursday, and the deal is set to price on Friday.

Goldman Sachs & Co. is the left lead bookrunner. Barclays, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC and RBC Capital Markets are the joint bookrunners.

The Rule 144A for life and Regulation S notes come with three years of call protection.

Proceeds will be used to help fund the leveraged buyout of the company by Bain Capital from Cooper Industries and Danaher Corp.

Apex Tool is a Sparks, Md.-based tool manufacturer.

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