Apex Tool launches $913.6 million term loan at Libor plus 375 bps

By Sara Rosenberg

New York, Feb. 5 – Apex Tool Group LLC launched on Monday its $913.6 million term loan, which includes $125 million of incremental debt, due 2022 with price talk of Libor plus 375 basis points with a 1.25% Libor floor, according to a market source.

The incremental amount is talked with an original issue discount of 99.5, the source said.

The term loan has 101 soft call protection for six months.

The company’s $1,088,600,000 of credit facilities also include a $175 million revolver due 2021.

Barclays is the arranger on the deal.

Commitments are due at noon ET on Feb. 12, the source added.

Proceeds will be used to extend an existing term loan by two years and upsize the loan, to extend an existing revolver by two years, and to redeem $125 million of the existing $450 million 7% senior notes due 2021 at the current call price of 101.75%.

Current term loan pricing is Libor plus 325 bps with a 1.25% Libor floor.

Bain Capital is the sponsor.

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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