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APi Group (NYSE: APG) successfully completed debt refinancing, resulting in substantial cash interest savings of approximately $12 million annually. The refinancing included an upsizing and repricing of term loans due 2029, with a 50 basis points reduction in the borrowing rate. The company incurred approximately $2,257 million of incremental term loans due 2029 to refinance existing loans, repay outstanding loans, and fund general corporate purposes, including the pending acquisition of Elevated Facilities Services Group. The transaction closed on May 10, 2024, with an expected net leverage ratio of approximately 2.8x and a weighted average maturity of about 5 years. Additionally, APi will be participating in a fireside chat at the Bank of America Industrials Conference on May 14, 2024.
APi Group reported strong first quarter financial results for 2024, with record net income of $45 million (up 73% year-over-year) and adjusted EBITDA of $175 million (up 19% year-over-year). The company simplified its capital structure by retiring all outstanding Series B Preferred Stock and entered a new service market with an agreement to acquire Elevated Facility Services Group. APi remains focused on margin expansion initiatives and targets a 13% adjusted EBITDA margin by 2025. The company is excited about its pipeline of opportunities and aims to deliver on both its 2024 plan and long-term targets.