Apex Group sets U.S. and euro term loan sizes, updates pricing

By Sara Rosenberg

New York, July 23 – Apex Group set its U.S. term loan B size at $900 million and its euro term loan B size at $512 million equivalent, compared to talk at launch of a $1.392 billion equivalent U.S. and euro term loan B with each tranche having a minimum size of $500 million, according to a market source.

Also, the original issue discount on the U.S. term loan was changed to 99.75 from 99.5, the source said.

In addition, pricing on the euro term loan firmed at Euribor plus 400 basis points, the low end of the Euribor plus 400 bps to 425 bps talk.

As before, the U.S. term loan is priced at Libor plus 375 bps with a 0.5% Libor floor, the euro term loan has a 0% floor and a discount of 99.5, and both loans have 101 soft call protection for six months.

JPMorgan, Goldman Sachs, BofA Securities Inc., Morgan Stanley Senior Funding Inc., KKR Capital Markets, Deutsche Bank Securities Inc., Credit Suisse, Nomura and RBC Capital Markets are the leads on the deal.

Proceeds will be used to refinance existing debt and fund acquisitions.

Apex is a provider of fund administration services, financial and corporate solutions.

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