Apergy readies launch of $615 million credit facilities for Tuesday

By Sara Rosenberg

New York, April 9 – Apergy Corp. is scheduled to hold a bank meeting at 11 a.m. ET on Tuesday to launch $615 million of credit facilities (Ba1/BB), according to a market source.

J.P. Morgan Securities LLC is the lead bank on the deal.

The facilities consist of a $250 million revolver and a $365 million term loan B, the source said.

Proceeds will be used to fund the company’s spinoff from Dover Corp.

Commitments are due on April 20, the source added.

Apergy is a the Woodlands, Texas-based provider of highly engineered technologies that help companies drill for and produce oil and gas efficiently and safely.

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