APi Group starts roadshow for $300 million eight-year senior notes; initial talk 4½% area

By Paul A. Harris

Portland, Ore., June 14 – APi Group DE, Inc. started a roadshow on Monday for a $300 million offering of eight-year senior notes, according to market sources.

The deal, which was set to kick off on a Monday conference call with investors, is in the market with initial guidance in the 4½% area, a trader said.

The Rule 144A and Regulation S for life notes are set to price on Wednesday.

Citigroup Global Markets Inc. is the lead bookrunner. Barclays, UBS Securities LLC, BofA Securities Inc. and U.S. Bancorp Investments Inc. are joint bookrunners.

The notes become callable after three years at par plus 50% of the coupon. They feature a three-year 35% equity clawback at par plus the full coupon and have a 101% poison put.

Proceeds will be used to repay APi’s term loan due Oct. 1, 2026, of which there was $249 million outstanding as of March 31, 2021. The remaining proceeds will be used to pay down APi’s 2019 term loan.

The prospective issuer is a New Brighton, Minn.-based business services provider of safety, specialty and industrial services.

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