Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Apex Tool Said to Seek $1.01 Billion Loan for Bain Capital LBO

Jan. 8 (Bloomberg) -- Apex Tool Group LLC is seeking $1.01 billion of loans to back its buyout by Bain Capital Partners LLC, according to a person with knowledge of the transaction.

The financing will include a $835 million seven-year term loan and a $175 million revolving line of credit maturing in five years, said the person, who asked not to be identified because the information is private.

Barclays Plc, Goldman Sachs Group Inc., Morgan Stanley, Royal Bank of Canada, Citigroup Inc. and Deutsche Bank AG are arranging the financing and will host a lender meeting Jan. 11 at 10 a.m. in New York, the person said.

The term loan will be covenant-lite, meaning the it will not carry typical lender protection such as financial-maintenance requirements, said the person. Leverage, or debt to earnings before interest, taxes, depreciation and amortization, will be 5.4 times total.

Bain Capital is acquiring the company from Danaher Corp. and Cooper Industries Plc for $1.6 billion and the deal expected to close in the first half of 2013, according to an Oct. 10 statement. Danaher and Cooper each own a 50 percent interest in Apex Tool.

To contact the reporter on this story: Michael Amato in New York at mamato3@bloomberg.net

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.