Apollo Turns to Banks to Fund Most of Equity in Brightspeed Buyout
- Over half of $3 billion equity commitment comes via bank loan
- Backleverage financing aims to boost return on investment
This article is for subscribers only.
At first sight, the financing for Apollo Global Management Inc.’s acquisition of a suburban phone and internet provider looks like a textbook leveraged buyout: one part equity, two parts debt.
But look a little closer and you’ll notice something odd: most of the equity check is debt as well.