Milbank Represents Initial Purchasers in $450 Million Debt Offering by Apex Tool Group, Part of Bain Capital’s $1.55 Billion Acquisition

International law firm Milbank, Tweed, Hadley & McCloy, LLP, led by Global Securities partners Rod Miller and Paul Denaro, acted as counsel to the initial purchasers, Goldman Sachs, Barclays, Morgan Stanley, Citigroup, Royal Bank of Canada and Deutsche Bank, in the issuance of $450 million 7% Senior Notes due 2021. The proceeds of the notes, together with a new $835 million credit facility and an equity contribution, were used to finance Bain Capital’s $1.55 billion acquisition of Apex Tool Group.

Apex Tool Group, a first time capital markets issuer, is a leading global manufacturer and supplier of high performance hand and power tools for industrial, commercial and demanding do-it-yourself applications. Apex designs, manufactures, markets and sells more than 30 proprietary brands, and also designs and manufactures a number of private label tool brands for retailers such as Sears and The Home Depot. Headquartered in Sparks, MD, Apex operates a global manufacturing footprint with locations in North America, Europe, Asia, Australia and Latin America.

Mr. Miller said, “Milbank is pleased to have advised on a very successful financing for Apex, which secured extremely attractive pricing for the Company’s notes. The market for quality high-yield issuances is exceptionally strong at present and we are pleased to be involved with a number of significant financial institutions helping to bring high profile securities offerings to market.”

Other members of the Milbank deal team include Securities group associates Trevor Truman, Mindy Allen, and Kaveh Namazie. Additionally, counsel was provided during the transaction by Tax partner Andrew Walker and associate Jonathan Grossberg; Corporate of counsel and Environmental specialist Matthew Ahrens; and Intellectual Property associates Nate Browand and Anna Brook.