Apax Global Alpha has announced a proposed commitment to Apax IX and amendment and extension of its Revolving Credit Facility.
Apax Global Alpha has agreed an amendment and restatement of the multicurrency revolving credit facility agreement with Lloyds Bank plc dated 30 January 2015. The Amended and Restated Revolving Credit Facility increases the funds available from EUR90 million to EUR140 million, with an extension to the maturity date to 3 years from 4 February 2016. The margin in the Amended and Restated Revolving Credit Facility has also increased from 200 bps to 210 bps (over Euribor or Libor depending on the currency drawn).
The Amended and Restated Revolving Credit Facility will be used in accordance with the Company’s investment policy to finance or refinance its general corporate purposes, including financing short-term investments such as the draw down on commitments to Apax Funds.
Separately, the Board intends to commit $350 million to the Apax IX private equity fund as part of the initial close of Apax IX. This commitment is expected to be split 50:50 between the Euro and USD tranches of the fund. This is in accordance with the Company’s investment policy to invest in new private equity funds launched by Apax Partners and with a view to maintaining a balanced exposure to Private Equity and Derived Investments. This commitment remains conditional on, inter alia, the approval and execution of the relevant legal documentation.
APAX : Apax Global Alpha new investment and revolving credit facility