Apollo Infrastructure talks $275 million term B at Libor plus 425 bps

By Sara Rosenberg

New York, Nov. 27 – Apollo Infrastructure Equity Portfolio launched on Tuesday its $275 million seven-year term loan B with price talk of Libor plus 425 basis points with a 0% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan B has 101 soft call protection for six months and a debt service coverage ratio of 1.1 times, the source said.

The company’s $360 million of credit facilities also include a $35 million revolver and a $50 million letter-of-credit facility.

RBC Capital Markets, Goldman Sachs Bank USA and BMO Capital Markets are the bookrunners on the deal.

Commitments are due at noon ET on Dec. 11.

Expected loan ratings are Ba2/BB, the source added.

Proceeds will be used to help fund Apollo Global Management LLC’s acquisition of an about $1 billion portfolio, including assumed obligations, of predominantly equity investments in energy assets from GE Capital’s Energy Financial Services unit.

Closing is expected in the fourth quarter, subject to customary conditions.

The equity portfolio is comprised of about 20 investments in renewable energy, contracted natural gas fired generation and midstream energy infrastructure assets, primarily in the United States.

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