APi Group prices $1.2 billion term loan, $300 million revolver

By Sarah Lizee

Olympia, Wash., Sept. 30 – APi Group DE, Inc. announced results of its $1.2 billion seven-year senior secured term loan facility and $300 million five-year senior secured revolving facility.

The term loan priced at 250 basis points over Libor, the revolver priced at a rate of 225 bps over Libor, and the facilities generally are covenant lite with a 0% Libor floor.

As previously reported, the facilities are being used to help fund APi’s acquisition by J2 Acquisition Ltd.

Upon closing, which was expected for Tuesday, J2, a special-purpose acquisition entity, intends to change its name to APi Group Corp.

Citigroup, Bank of America Merrill Lynch, Barclays and UBS acted as lead arrangers and U.S. Bank acted as co-manager on the credit facilities.

APi is a New Brighton, Minn.-based provider of commercial life safety solutions and industrial specialty services, and a specialty contractor.

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