New Issue: Apex Tool prices $450 million eight-year notes at par to yield 7%

By Paul A. Harris

Portland, Ore., Jan. 25 - Apex Tool Group, LLC priced a $450 million issue of eight-year senior notes (B3/B-/) at par to yield 7% on Friday, according to a syndicate source.

The yield printed at the tight end of the 7% to 7¼% yield talk.

Goldman Sachs & Co., Barclays, Morgan Stanley & Co. LLC, RBC Capital Markets LLC, Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. were the joint bookrunners.

The Sparks, Md.-based tool manufacturer plans to use the proceeds to help fund the leveraged buyout of the company by Bain Capital from Cooper Industries and Danaher Corp.

Issuer:	BC Mountain, LLC and Apex Tool Group, LLC
Amount:	$450 million
Maturity:	Feb. 1, 2021
Securities:	Senior notes
Bookrunners:	Goldman Sachs & Co., Barclays, Morgan Stanley & Co. LLC, RBC Capital Markets LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc.
Coupon:	7%
Price:	Par
Yield:	7%
Spread:	549 bps
Call features:	Make-whole call at Treasuries plus 50 bps until Feb. 1, 2016, then callable at 105.25, 103.5, 101.75, par on and after Feb. 1, 2019
Trade date:	Jan. 25
Settlement date:	Feb. 1
Ratings:	Moody's: B3
	Standard & Poor's: B-
Distribution:	Rule 144A and Regulation S for life
Price talk:	7% to 7¼%
Marketing:	Roadshow

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