Apex Tool firms $855 million term loan at SOFR plus 525 bps

By Sara Rosenberg

New York, Feb. 3 – Apex Tool Group LLC set pricing on its $855 million seven-year senior secured first-lien term loan (B1/B-) at SOFR+CSA plus 525 basis points, the low end of the SOFR+CSA plus 525 bps to 550 bps talk, according to a market source.

Also, the original issue discount on the term loan firmed at 99.5, the tight end of the 99 to 99.5 talk, the source said.

The term loan still has a 0.5% floor, CSA of 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate, and 101 soft call protection for six months.

The company is also getting a $350 million privately placed second-lien term loan.

Barclays is the lead arranger and administrative agent on the deal.

Proceeds will be used with new cash equity from Bain Capital to refinance the company’s existing capital structure.

Apex Tool is a Sparks, Md.-based manufacturer and supplier of hand and power tools for industrial, commercial and demanding do-it-yourself applications.

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