Verizon Media Marketing $1.5 Billion of Loans to Fund Apollo LBO
- The company joins other borrowers funding buyouts with loans
- Market has been borrower-friendly for much of this year
Photographer: Taylor Glascock/Bloomberg
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Verizon Communications Inc.’s media division is tapping the U.S. leveraged loan market to fund its $5 billion leveraged buyout by Apollo Global Management Inc.
The two new loans, which have a tenor of six years, are sized at $750 million apiece, according to a person with knowledge of the matter. One portion is a so-called “high-yield style term loan B” that isn’t callable for two years and has no amortization, said the person, who asked not to be identified because the deal is private.