APi Group Reprices Term Loans
06 Oktober 2023 - 12:30PM
Business Wire
APi Group Corporation (NYSE: APG) (“APi” or the “Company”), a
global, market-leading business services provider of life safety,
security and specialty services, today announced the successful
repricing of its Term Loans due 2026 and 2029, respectively. The
repricing reduces the applicable margin on all outstanding amounts
by 25 basis points representing cash savings of approximately $4
million annually.
Additionally, $422 million of the Term Loan due 2026 will be
extended to 2029, assuming all the same terms as the repriced Term
Loan due 2029. APi will repay $100 million of the Term Loan due
2026 concurrent with the close of this transaction. Following the
transaction, APi will have $505 million outstanding on its Term
Loan due 2026 and $1,407 million outstanding on its Term Loan due
2029. APi’s aggregate $1,120 million of interest rate swaps related
to its Term Loans will remain in effect following the repricing and
extension. The closing of the transaction is expected to occur next
week, subject to customary closing conditions.
Kevin Krumm, Chief Financial Officer, commented, “We are pleased
to announce the successful completion of our Term Loan repricing
and maturity extension. We achieved a 25 basis point reduction in
our Term Loan borrowing rate with no change to our covenants, while
extending our weighted average maturity. Since the acquisition of
Chubb in January of 2022, we have remained committed to reducing
net leverage and expect to be within our 2.0 – 2.5x net leverage
target by year end 2023.”
About APi:
APi is a global, market-leading business services provider of
life safety, security and specialty services with a substantial
recurring revenue base and over 500 locations worldwide. APi
provides statutorily mandated and other contracted services to a
strong base of long-standing customers across industries. We have a
winning leadership culture driven by entrepreneurial business
leaders to deliver innovative solutions for our customers. More
information can be found at www.apigroupcorp.com.
Forward-Looking Statements and
Disclaimers
Certain statements in this press release and related comments
made by management may be considered forward-looking statements
within the meaning of the U.S federal securities laws.
Forward-looking statements are any statements other than statements
of historical fact and represent our current judgment about
possible future events. In some cases, you can identify
forward-looking statements by terms including “expect”,
“anticipate”, “project”, “will”, “should”, “believe”, “intend”,
“plan”, “estimate”, “potential”, “target”, “would”, and similar
expressions, although not all forward-looking statements contain
these identifying terms. While we believe these statements are
reasonable, they are not guarantees of future performance and are
subject to known and unknown risks, uncertainties and other factors
that could cause actual results to differ materially from those
expressed or implied by such forward-looking statements, including
(i) the Company’s net leverage target and its expectation regarding
its net leverage by year end 2023, (ii) economic conditions,
competition, inflation, or currency impacts, (iii) the ability to
recognize the anticipated benefits of the Company’s acquisitions
and (iv) those risks and uncertainties discussed in the “Risk
Factors” section of our Form 10-K filings, and any updates to the
risk factors in our Form 10-Q and 8-K filings with the U.S.
Securities and Exchange Commission. Given these risks and
uncertainties, investors are cautioned not to place undue reliance
on forward-looking statements. Forward-looking statements speak
only as of the date of such statements and, except as required by
applicable law, the Company does not undertake any obligation to
update or revise publicly any forward-looking statements, whether
as a result of new information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20231006212679/en/
Investor Relations Inquiries: Adam Fee Vice President of
Investor Relations Tel: +1 651-240-7252 Email:
investorrelations@apigroupinc.us
Media Contact: Liz Cohen Kekst CNC Tel: +1 212-521-4845
Email: Liz.Cohen@kekstcnc.com
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