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S&P gives APi Group loan BB-
S&P said it gave BB- issue-level and 3 recovery ratings to APi Group Corp.’s $250 million senior secured term loan due in 2026. The 3 recovery rating indicates expectations lenders would receive meaningful (50%-70%; rounded estimate: 50%) recovery of principal in a default.
APi intends to use the proceeds to replenish cash used for its Oct. 2 acquisition of SK FireSafety Group as well as its completion of three other U.S. bolt-on acquisitions and general corporate purposes.
S&P also affirmed the BB- issue-level rating and 3 recovery rating on APi’s $1.2 billion senior secured term loan due 2026.
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