APi Group schedules call for Wednesday to launch new loan

By Sara Rosenberg

New York, Sept. 28 – APi Group Inc. will hold a lender call at 11 a.m. ET on Wednesday to launch a new loan to current and prospective lenders, according to a market source.

Citigroup Global Markets Inc. is the left lead on the deal.

The company recently disclosed in an 8-K filed with the Securities and Exchange Commission that it has a commitment for a new term loan and plans to issue senior notes to help fund its acquisition of the Chubb Fire & Security business from Carrier Global Corp. for an enterprise value of $3.1 billion, which is comprised of $2.9 billion cash and about $200 million of assumed liabilities and other adjustments.

Other funds for the Chubb transaction are expected to come from cash on hand and a perpetual preferred equity financing from Blackstone Group and Viking Global Investors.

Closing is expected around year-end, subject to a consultation process and standard regulatory approvals.

APi is a New Brighton, Minn.-based business services provider of safety, specialty and industrial services. Chubb is a U.K.-based fire safety and security provider.

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