Yahoo Pays Up to Refinance $1.6 Billion of Buyout-Tied Debt

Yahoo Inc. raised $1.6 billion from a loan and bond deal to refinance debt tied to its acquisition by Apollo Global Management after offering investors one of the highest-yielding deals of the year.

The online media company wrapped up a $700 million term loan B at an interest rate of 6.5 percentage points over the US benchmark, priced at 97 cents on the dollar, according to a person with direct knowledge of the matter. It also sold $900 million of junk bonds maturing in 2031 at a yield of 11%.