Moody's assigns Apex B2

Moody's Investors Service said it assigned a B2 corporate family rating and B2-PD probability of default rating to Apex Structured Intermediate Holdings Ltd. Concurrently, Moody's gave B1 instrument ratings to the new $705 million senior secured first-lien term loan due 2028 to be issued by Apex Group Treasury LLC and the new €583 million senior secured first-lien term loan due 2028 and $200 million senior secured first-lien revolving credit facility due 2026 to be secured by Apex Group Treasury Ltd.

“The ratings reflect Apex's strong business profile as a global fund services provider with a record of rapid growth and the resilience of its operating performance to market volatility as demonstrated during the past year. At the same time, the ratings factor in the meaningful challenge to integrate a string of recently closed acquisitions for a combined consideration of nearly $500 million financed as part of the transaction on hand,” Moody’s said in a press release.

The agency said it sees Apex's leverage falling to around 6.5x over the next 12-18 months from the high level at closing, but that depends on integrating the acquisitions.

The outlook is stable.

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