Apollo Lines Up $1.1 Billion of Financing for US Silica Buyout [BNN Bloomberg (Canada)]
Brookfield Corporation Class A Limited Voting Shares (BN)
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Source: BNN Bloomberg
Barclays Plc and BNP Paribas SA are the leading banks on the deal, said the people, who asked not to be identified as they're not permitted to speak publicly. Apollo, Barclays and BNP declined to comment, while US Silica didn't respond. Acquisition-related leveraged loans have been lacking this year, making up just 8% of launch volume so far this year, according to data compiled by Bloomberg. That's forced investors to other parts of the market, helping push average prices in the secondary market to 2-year highs and allowing many junk-rated borrowers to cut interest costs by repricing loans. Apollo and US Silica, a provider of fracking sand used in oil-and-gas drilling, announced the $1.21 billion buyout on April 26. The deal is expected to close in the third quarter. In March, US Silica repriced an $868 million term loan. ©2024 Bloomberg L.P. Top Picks Top Stories Shopify shares sink as company posts Q1 loss, forecasts slower revenue growth Oil prices have shed pre
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