Apollo Taps Nearly $1 Billion of Private Debt for PowerGrid Buy

Apollo Taps Nearly $1 Billion of Private Debt for PowerGrid Buy

Apollo Global Management Inc. is turning to private credit to finance its acquisition of electric utility PowerGrid Services from Sterling Group, according to people with knowledge of the matter.

Apollo secures $1bn bank-backed PowerGrid private credit package

Apollo Global Management has secured nearly $1bn in private debt financing to support its acquisition of PowerGrid Services, a US-based electric utility services provider, from The Sterling Group, according to a report by Bloomberg citing sources familiar with the matter. The debt package is being provided by direct lending arms of Brookfield Asset Management, Blackstone, and JPMorgan Chase, and includes a $650m first-lien term loan, a $200m del…