Daily News: November 9, 2012

Goldman, Barclays in Talks to Provide Facility for Apex Sale

Tool manufacturer Apex Tool Group is in discussions with Goldman Sachs and Barclays for a $1.475 billion credit facility to support the company’s acquisition by Bain Capital, according to a Thomson Reuters LPC article.

The credit facility will consist of a $175 million revolver, a term loan B in the amount of $835 million and a $450 million bridge loan. The article said that Barclays is leading the revolver and term loan and Goldman Sachs is leading the bride loan.

Apex Tool announced via press release on October 10 that it was being sold by Danaher Corporation and Cooper Industries to Bain Capital Partners for $1.6 billion. Apex was formed in July 2010 as a joint venture by Danaher and Cooper.

According to the press release, the acquisition is expected to be completed in the first half of 2013. Barclays Capital, Goldman Sachs & Co., Morgan Stanley Bank, RBC Capital Markets, Citigroup and Deutsche Bank Securities provided committed financing. Barclays Capital acted as lead M&A advisor to Bain Capital; RBC Capital also acted as M&A advisor. Kirkland & Ellis provided legal counsel, and Price Waterhouse Coopers provided accounting advisory services to Bain. Goldman Sachs served as financial advisor and Gibson, Dunn & Crutcher served as legal advisor to Apex.