Fixed Income
Apollo Boosts SoftBank Loan to a Record-Breaking $5.4 Billion
The $900 million top-up to Vision Fund 2 loan showcases Apollo’s big role in NAV lending.
Apollo Global Management Inc. is increasing a landmark loan it made to SoftBank Group to $5.4 billion, a new record for a booming type of debt that’s becoming a must have for private capital funds and their backers.
The New York-based alternative-asset manager is lifting the size of a so-called net-asset value loan to SoftBank’s Vision Fund 2 by $900 million, according to people with knowledge of the matter. The loan represents a low-teens percentage of the value of the portfolio backing it, which includes more than 150 assets, one of the people said.