By Paul A. Harris
Portland, Ore., June 15 – APi Group DE, Inc. priced an upsized $350 million issue of eight-year senior notes (B1/B) at par to yield 4 1/8% on Tuesday, according to market sources.
The issue size increased from $300 million.
The yield printed 12.5 basis points tighter than the 4¼% to 4½% yield talk. Initial guidance was in the 4½% area.
Citigroup Global Markets Inc. was the lead bookrunner. Joint bookrunners were Barclays, UBS Securities LLC, BofA Securities Inc. and U.S. Bancorp Investments Inc.
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 issuer is a New Brighton, Minn.-based business services provider of safety, specialty and industrial services.
| Issuer: | APi Group DE, Inc.
|
| Amount: | $350 million
|
| Maturity: | July 15, 2029
|
| Securities: | Senior notes
|
| Left bookrunner: | Citigroup Global Markets Inc.
|
| Joint bookrunners: | Barclays, UBS Securities LLC, BofA Securities Inc. and U.S. Bancorp Investments Inc.
|
| Coupon: | 4 1/8%
|
| Price: | Par
|
| Yield: | 4 1/8%
|
| Spread: | 293 bps
|
| First call: | July 15, 2024 at 102.063
|
| Trade date: | June 15
|
| Settlement date: | June 22
|
| Ratings: | Moody's: B1
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 4¼% to 4½%
|
| Marketing: | Roadshow
|
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