API launches $245 million first-lien term loan at Libor plus 425 bps

By Sara Rosenberg

New York, April 23 – API Technologies Corp. launched on Tuesday its $245 million first-lien term loan with price talk of Libor plus 425 basis points with a 0% Libor floor and an original issue discount of 99, according to a market source.

The first-lien term loan has 101 soft call protection for six months, the source said.

Commitments are due at 5 p.m. ET on May 6.

The company’s $435 million of credit facilities also include a $50 million revolver that will be undrawn at close, a $90 million privately placed second-lien term loan and a $50 million privately placed second-lien delayed-draw term loan, which will be unfunded at close.

RBC Capital Markets, UBS Investment Bank and Antares Capital are the joint lead arrangers on the debt.

Proceeds will be used to help fund the buyout of the company by AEA Investors from J.F. Lehman & Co.

Closing is expected on May 9.

API is a Marlborough, Mass.-based provider of high-performance RF, microwave, millimeterwave, power and security solutions for defense, aviation, communications and other commercial and industrial end markets.

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