Apple Leisure to launch $950 million credit facility on Tuesday

By Sara Rosenberg

New York, Jan. 23 – Apple Leisure Group will hold a bank meeting at 3 p.m. ET in New York on Tuesday to launch a $950 million credit facility, according to a market source.

Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. are the leads on the deal.

The facility consists of a $125 million revolver, a $600 million seven-year covenant-light first-lien term loan and a $225 million eight-year covenant-light second-lien term loan, the source said.

Both term loans have a 1% Libor floor.

The first-lien term loan has 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two, the source continued.

Commitments are due at 5 p.m. ET on Feb. 7.

Proceeds will be used to help fund the buyout of the company by KKR and KSL Capital Partners from Bain Capital Private Equity.

Closing is expected this quarter, subject to customary regulatory approvals.

Apple Leisure is a Philadelphia-based hospitality company.

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