Apergy ups term B to $415 million, cuts spread to Libor plus 250 bps

By Sara Rosenberg

New York, April 20 – Apergy Corp. upsized its term loan B to $415 million from $365 million and lowered pricing to Libor plus 250 basis points from talk in the range of Libor plus 275 bps to 300 bps, according to a market source.

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

The term loan still has a 0% Libor floor and 101 soft call protection for six months.

The company’s now $665 million of credit facilities, up from $615 million, also include a $250 million revolver.

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

Proceeds will be used with $300 million in notes to fund the company’s spinoff from Dover Corp.

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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