Apex Group firms $465 million add-on term loan OID at 99.5

By Sara Rosenberg

New York, Nov. 9 – Apex Group finalized the original issue discount on its $465 million add-on covenant-lite term loan B due July 2028 at 99.5, the tight end of the 99 to 99.5 talk, according to a market source.

Additionally, the company upsized its euro add-on covenant-lite term loan B due July 2028 to €310 million from €225 million and revised the discount to 99.75 from talk in the range of 99.25 to 99.5, the source said.

Pricing on the U.S. term loan is Libor plus 375 basis points with a 0.5% Libor floor, and pricing on the euro term loan is Euribor plus 400 bps with a 0% floor.

BofA Securities Inc. is the physical bookrunner on the deal. JPMorgan is the agent.

Recommitments were scheduled to be due at noon ET on Tuesday, the source added.

Proceeds will be used with a pre-placed second-lien term loan to fund the acquisition of Sanne Group, a provider of asset management services, for 920 pence in cash per share, or about £1.51 billion, and the upsizing will be used for general corporate purposes and bolt on acquisitions.

Apex is a provider of fund administration services, financial and corporate solutions.

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