The rapidly growing fund services conglomerate Apex Group has obtained $400m in term debt to help fuel its expansion plans.

“The incremental capacity will allow Apex to target further organic and inorganic growth in 2024 while the Group’s credit rating is unimpacted by the loan, according to S&P,” the company on 26 October.

The $400m first-lien term loan B (TLB) will “repay an outstanding $385m revolving credit facility,” the credit ratings agency Fitch . The loans come due in 2028-2029. Apex Group has $3.76bn in total debt, Fitch said.

Fitch maintained its B rating (“highly speculative”), noting the firm had a “solid business risk profile characterised by strong geographic and customer diversification and its scale, combined with low churn levels and recurring revenue streams, which supports cash flow stability.” However, it is “constrained by high leverage and weak interest coverage metrics” and has “limited headroom for further debt issuance.”

Moody’s its B2 (“subject to high credit risk”) rating.

More than 40 acquisitions since 2017

By Fitch’s count, Apex has bought 41 companies in the past 6 years. Notably in Luxembourg it has snapped up , European Depositary Bank, Maitland, and . Fitch said the group had a good track record in integration acquisitions.

The company said it employs “more than 12,000 people across 97 offices in 39 countries worldwide.” The figures include more than 1,300 staff in Luxembourg. Globally it has roughly $3trn in assets under administration. Some €600bn of that is based in Luxembourg.