APi Group completes $2.26B term loan refinancing; margin cut by 50 bps, saves $12M/year

APi Group Corp

Issued ~$2,257M incremental term loans due 2029 to refinance $1,707M existing term loans, $330M term loans due 2026, and $100M revolver.
Applicable margin reduced by 50 bps to Term SOFR + 2.00% (or Base Rate + 1.00%); credit spread adjustment eliminated.
Estimated cash interest savings of approximately $12 million annually.
Post-transaction and after close of Elevated acquisition, net leverage expected ~2.8x with weighted avg maturity ~5 years.
APi's $1,120M interest rate swaps remain in effect; conference schedule updated to May 14.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

APi Group Corp incurred term loan of approximately $2,257 million with Citibank, N.A. at base rate plus a reduced applicable margin equal to 1.00% per annum, or (ii) a t maturing January 3, 2029.

Instrument: term loan
Principal: approximately $2,257 million
Counterparty: Citibank, N.A.
Rate: base rate plus a reduced applicable margin equal to 1.00% per annum, or (ii) a t
Maturity: January 3, 2029
Event: incurrence

Exact text from the filing

Amendment No. 6 provides for the incurrence of a tranche of incremental term loans (the "Repriced 2021 Incremental Term Loans") under the Credit Agreement in an aggregate amount of approximately $2,257 million

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

APi Group Corp amended Amendment No. 6 to Credit Agreement with Citibank, N.A., as collateral agent and as administrative agent valued at approximately $2,257 million (effective 2024-05-10).

Action: amendment
Agreement: credit facility
Counterparty: Citibank, N.A., as collateral agent and as administrative agent
Value: approximately $2,257 million
Effective: 2024-05-10

Exact text from the filing

On May 10, 2024 (the “Funding Date”), APi Group DE, Inc. (the “Borrower”), a wholly owned subsidiary of APi Group Corporation (the “Company”) entered into and closed the transactions contemplated by that certain Amendment No. 6 to Credit Agreement (“Amendment No. 6”), by and among the Borrower, the Company, certain subsidiaries of the Borrower party thereto, Citibank, N.A., as collateral agent and as administrative agent (in such collective capacities, the “Agent”), and the lenders party thereto

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307 debt financings filed in the last 30 days. Browse all debt financings →

APi Group Corp filing history →

Source: SEC EDGAR

accession 0001193125-24-136724

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