Apex Group lifts term loan to $320 million, revises OID to 93.5

By Sara Rosenberg

New York, July 8 – Apex Group Ltd. upsized its non-fungible incremental term loan due July 2028 to $320 million from $300 million and tightened the original issue discount to 93.5 from talk in the range of 92 to 93, according to a market source.

Furthermore, the company added a ticking fee to the incremental term loan of 100% of the margin plus SOFR starting 15 days after allocation, the source said.

Pricing on the incremental term loan is unchanged at SOFR plus 500 basis points with a 0.5% floor.

The incremental term loan still has 101 soft call protection for six months.

BofA Securities Inc. is the lead on the deal.

Recommitments were scheduled to be due at 12:30 p.m. ET on Friday, the source added.

Proceeds will be used to help support the acquisitions of MMC Group, a provider of investment administration services in New Zealand, and the fund services and third-party management company business operations of Maitland International Holdings plc.

The MMC acquisition closed in May.

Apex Group is a financial services provider.

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