Banks Exit $2.2 Billion of Hung Debt with HPS-Led Group Deal

HPS Investment Partners and a group of lenders, including Apollo Global Management, are acquiring over $2.2 billion of buyout debt stuck on bank balance sheets since the Trump Administration's tariff proposals disrupted markets earlier this year. The financing was tied to a buyout by Canadian auto parts maker ABC Technologies Holdings Inc. and is set to close on Friday. Banks, including Citigroup and JPMorgan, who originally arranged the leveraged loan, will be paid down on the hung debt.