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Apex Group to launch $465 million, €225 million term loans on Monday
By Sara Rosenberg
New York, Oct. 28 – Apex Group is set to hold a lender call on Monday to launch a $465 million add-on covenant-lite term loan B due July 2028 and a €225 million add-on covenant-lite term loan B due July 2028, according to a market source.
BofA Securities Inc. is the sole physical bookrunner on the deal. JPMorgan is the agent.
Pricing on the U.S. term loan is Libor plus 375 basis points with a 0.5% Libor floor and pricing on the euro term loan is Euribor plus 400 bps with a 0% floor.
Commitments are due on Nov. 10, the source added.
Proceeds will be used with a $180 million pre-placed second-lien term loan to fund the acquisition of Sanne Group, a provider of asset management services, for 920 pence in cash per share, or about £1.51 billion.
Apex is a provider of fund administration services, financial and corporate solutions.
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