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APi Group to launch $2.26 billion term loan on Tuesday morning
By Sara Rosenberg
New York, April 29 – APi Group Corp. is set to hold a lender call at 9:30 a.m. ET on Tuesday to launch a $2.257 billion first-lien term loan due Jan. 3, 2029, according to a market source.
BofA Securities Inc. is the sole arranger on the deal.
The term loan is talked with a 0% floor and 101 soft call protection for six months, the source said.
Proceeds will be used to reprice an existing $1.707 billion first-lien term loan, to refinance a $330 million term loan due 2026 and a $100 million revolving credit facility draw and for general corporate purposes, including the acquisition of Elevated Facility Group Services.
Elevated Facility, a provider of contractually based services for elevator and escalator equipment, is being bought from L Squared Capital Partners for about $570 million.
APi is a New Brighton, Minn.-based business services provider of safety, specialty and security services.
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