Moody's rates Apollo Infra Equity loan Ba2

Moody's Investors Service said it assigned a first-time Ba2 rating to a $275 million senior secured term loan due 2025 and a $35 million senior secured revolving credit facility due 2023 proposed to be issued by Apollo Infra Equity US Holdco, LLC.

The outlook is stable.

On Oct. 5, Apollo Infra Equity US Intermediate, LLC, the U.S. parent guarantor of the borrower, and the U.K. parent guarantor entered into a purchase and sale agreement with GE Capital Global Holdings, LLC to acquire an interest in certain equity interests or assets owned by the seller, Moody's explained.

The proceeds of the $275 million term loan, together with about $619 million in equity, will be used to finance the acquisition of the portfolio, the agency said.

The Ba2 senior secured rating benefits from the diversity of the portfolio across different asset types in the power and energy sector, across investment types and geographies, Moody's said.

The rating is constrained by the limited project finance protections of the transaction at the borrower level, the agency said.

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