Wellspring Capital Management announced its portfolio company API Heat Transfer completed a recapitalization, including a new $300 million first-lien credit facility. The new credit facility will provide API with additional financial flexibility to invest in its business and enable the Company to pay its investors a dividend.

William F. Dawson, Jr., a Managing Partner of Wellspring, said, "API's ability to secure this new credit facility reflects the Company's strong performance under Wellspring's ownership. The Company's enhanced capital structure enables it to return capital to investors while pursuing a range of attractive growth opportunities."

John E. Morningstar, a Partner of Wellspring, added, "The combination of API Heat Transfer and ThermaSys created a premier supplier of heat exchangers that is well positioned to provide its customers with the industry's best products and service. We are excited to continue our operational and financial support of API as the management team executes its business strategy."

UBS Securities LLC, RBC Capital Markets and GE Capital Markets acted as Joint Lead Arrangers and Joint Bookrunners for the credit facility. UBS Securities LLC acted as Syndication Agent, RBC Capital Markets acted as Documentation Agent and GE Capital acted as Administrative Agent.

Wellspring Capital Management, founded in 1995, is a leading middle-market private equity firm that manages more than $3 billion of private equity capital.

API Heat Transfer is one of the world's premier suppliers for the design and manufacture of industrial heat exchangers.