Apple Leisure launches $235 million credit facility via Jefferies

By Sara Rosenberg

New York, Jan. 29 - Apple Leisure Group held a bank meeting at 1:30 p.m. ET on Tuesday to launch a $235 million credit facility, according to a market source.

Jefferies & Co. is the lead bank on the deal.

The facility consists of a $20 million five-year undrawn revolver (B+), a $150 million six-year first-lien term loan B (B+) and a $65 million seven-year second-lien term loan (CCC+), the source said.

Price talk on the first-lien term loan is Libor plus 500 basis points with a 1.25% Libor floor and an original issue discount of 99, and the second-lien term loan is talked at Libor plus 875 bps with a 1.25% floor and a discount of 98, the source continued.

Included in the first-lien term loan is 101 soft call protection for one year, and the second-lien loan has call protection of 103 in year one, 102 in year two and 101 in year three.

Proceeds will be used to back the already completed buyout of the company by Bain Capital.

Leverage through the first-lien is 3.8 times and through the second-lien is 5.8 times, the source added.

Apple Leisure is a Newton Square, Pa.-based travel and resort company.

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