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Apollo Infra flexes $275 million term loan B to Libor plus 450 bps
By Sara Rosenberg
New York, Dec. 11 – Apollo Infra Equity US Holdco LLC raised pricing on its $275 million seven-year term loan B to Libor plus 450 basis points from Libor plus 425 bps, according to a market source.
Additionally, the original issue discount on the term loan B was revised to 99 from 99.5, the source said.
As before, the term loan B has a 0% Libor floor and 101 soft call protection for six months.
The company’s $360 million of credit facilities (Ba2/BB) 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 Wednesday, 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 this 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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