APi Group Announces Debt Paydown
December 19 2023 - 6:30AM
Business Wire
APi Group Corporation (NYSE: APG) (“APi” or the “Company”), a
global, market-leading business services provider of life safety,
security and specialty services, today announced that the Company
has recently paid down an additional $175 million on its Term Loan
due 2026, leaving $330 million outstanding. APi has repaid a total
of $475 million of debt year to date and expects to end 2023 below
its targeted net leverage ratio of 2.5x.
Kevin Krumm, APi’s Chief Financial Officer stated: “The recent
paydown of debt represents another step forward on our path to
reducing leverage and strengthening our balance sheet, while
returning to bolt-on M&A in 2023. As we look forward to 2024,
we expect to grow our adjusted free cash flow and to improve our
free cash flow conversion providing us with a significant
opportunity for value enhancing capital deployment with our
advantageous balance sheet.”
About APi:
APi is a global, market-leading business services provider of
life safety, security and specialty services with a substantial
recurring revenue base and over 500 locations worldwide. APi
provides statutorily mandated and other contracted services to a
strong base of long-standing customers across industries. We have a
winning leadership culture driven by entrepreneurial business
leaders to deliver innovative solutions for our customers. More
information can be found at www.apigroupcorp.com.
Forward-Looking Statements and
Disclaimers
Certain statements in this press release and related comments
made by management may be considered forward-looking statements
within the meaning of the U.S federal securities laws.
Forward-looking statements are any statements other than statements
of historical fact and represent our current judgment about
possible future events. In some cases, you can identify
forward-looking statements by terms including “expect”,
“anticipate”, “project”, “will”, “should”, “believe”, “intend”,
“plan”, “estimate”, “potential”, “target”, “would”, and similar
expressions, although not all forward-looking statements contain
these identifying terms. While we believe these statements are
reasonable, they are not guarantees of future performance and are
subject to known and unknown risks, uncertainties and other factors
that could cause actual results to differ materially from those
expressed or implied by such forward-looking statements, including
(i) the Company’s net leverage target and its expectation regarding
its net leverage by year end 2023, (ii) economic conditions,
competition, inflation, or currency impacts, (iii) the ability to
recognize the anticipated benefits of the Company’s acquisitions
and (iv) those risks and uncertainties discussed in the “Risk
Factors” section of our Form 10-K filings, and any updates to the
risk factors in our Form 10-Q and 8-K filings with the U.S.
Securities and Exchange Commission. Given these risks and
uncertainties, investors are cautioned not to place undue reliance
on forward-looking statements. Forward-looking statements speak
only as of the date of such statements and, except as required by
applicable law, the Company does not undertake any obligation to
update or revise publicly any forward-looking statements, whether
as a result of new information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20231219070837/en/
Investor Relations & Media Inquiries: Adam Fee Vice
President of Investor Relations Tel: +1 651-240-7252 Email:
investorrelations@apigroupinc.us
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