By Paul A. Harris
Portland, Ore., Oct. 6 – APi Escrow Corp. priced a $300 million issue of eight-year senior notes (B1/B) at par to yield 4¾% on Wednesday, according to market sources.
The yield printed at the tight end of the 4¾% to 4 7/8% yield talk. Initial guidance was in the high 4% area.
Citigroup Global Markets Inc. was the left bookrunner. Joint bookrunners were Barclays, RBC Capital Markets LLC, Blackstone, J.P. Morgan Securities LLC, UBS Securities LLC and U.S. Bancorp Investments Inc.
Proceeds will be used to help fund the acquisition of the Chubb Fire & Security business from Carrier Global Corp.
Initial issuer APi Escrow will be merged with and into APi Group DE, Inc. when the Chubb transaction closes.
APi is a New Brighton, Minn.-based business services provider of safety, specialty and industrial services.
| Issuer: | APi Escrow Corp.
|
| Amount: | $300 million
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| Maturity: | Oct. 15, 2029
|
| Securities: | Senior notes
|
| Left bookrunner: | Citigroup Global Markets Inc.
|
| Joint bookrunners: | Barclays, RBC Capital Markets LLC, Blackstone, J.P. Morgan Securities LLC, UBS Securities LLC and U.S. Bancorp Investments Inc.
|
| Coupon: | 4¾%
|
| Price: | Par
|
| Yield: | 4¾%
|
| Spread: | 343 bps
|
| First call: | Oct. 15, 2024 at 102.375
|
| Trade date: | Oct. 6
|
| Settlement date: | Oct. 21
|
| Ratings: | Moody’s: B1
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 4¾% to 4 7/8%
|
| Marketing: | Drive-by
|
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