Telecom
Apollo’s Brightspeed Cuts Deal to Slash $1.1 Billion of Debt
- Company gets $3.7 billion in new capital from lenders, Apollo
- Apollo and banks had been in talks about restructuring debt
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Apollo Global Management Inc.’s Brightspeed reached a deal with a group of lenders to slash $1.1 billion of the telecom company’s debt and receive $3.7 billion of new capital.
Brightspeed is getting the new capital from all of its secured lenders and Apollo, according to a statement. Amendments to the fiber firm’s existing loan and credit facilities eliminated the debt.