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Apex Tool sets Thursday investor call as it launches $325 million five-year notes
By Paul A. Harris
Portland, Ore., Feb. 7 – Apex Group, LLC and BC Mountain Finance, Inc. plan to hold an investor conference call at 12:30 p.m. ET on Thursday for purposes of marketing $325 million of five-year senior notes (existing ratings Caa1/B-), according to market sources.
Initial talk has the deal coming to yield 8½% to 8¾%, a trader said.
Barclays is the lead left bookrunner. Goldman Sachs & Co., Morgan Stanley & Co. LLC, RBC Capital Markets LLC, Deutsche Bank Securities Inc. and SMBC Nikko are the joint bookrunners.
The Rule 144A and Regulation S for life notes become callable after one year at 102 and feature a one-year 40% equity clawback at par plus the coupon and a 101% poison put.
The Sparks, Md.-based manufacturer and supplier of hand and power tools plans to use the proceeds, together with its $125 million incremental term loan B, to redeem all of the existing $450 million of senior notes due 2021.
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