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Investors Led by Apollo Said to Snap Up McClendon Permian Assets

  • Three firms amass driller’s $1.6 billion of unsecured bonds
  • Company is on track to default within a year: S&P analyst

Distressed-debt investors including Leon Black’s Apollo Global Management LLC have snapped up much of the debt of Permian Resources, with an eye to potentially capturing control of the oil and gas producer started in 2014 by the late Aubrey McClendon, people familiar with the matter said.

Apollo and EIG Global Energy Partners, a Washington-based firm, paid fire-sale prices for the debt starting in 2015 after oil prices plunged, while amassing more than half of Permian Resources’ $1.6 billion face value of unsecured bonds, according to the people, who asked not to be named because the information is private.