Deals
Apollo Taking Hostess Dividend After Bankruptcy Exit
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Apollo Global Management LLC, the buyout fund led by billionaire Leon Black, is planning to take a dividend from Hostess Brands Inc. after buying the maker of Coffee Cakes and Twinkies out of bankruptcy 14 months ago.
Apollo and co-owner C. Dean Metropoulos & Co. are seeking $175 million from Hostess, according to a statement from Standard & Poor’s. The payout won’t affect the company’s rating of B- and will leave it with $40 million in cash and $60 million in available credit.