Apollo in Talks to Revive $2 Billion Debt Sale for ABC Technologies
ByAinvest
Wednesday, Aug 13, 2025 3:28 pm ET1min read
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The ABC deal was one of several whose buyout debt banks were left holding after the tariff announcement. Lenders including Citigroup Inc. and JPMorgan Chase & Co. had already launched a $900 million leveraged loan and were preparing a $1.325 billion junk bond to support ABC’s planned purchase of its British peer, TI Fluid Systems Plc. However, the process stalled when markets froze due to concerns about the tariff impact, leading to "hung debt" on banks' balance sheets [1].
Representatives for Apollo, HPS, Citigroup, and JPMorgan declined to comment. Messages left with ABC were not returned. The ABC discussions come a few weeks after banks successfully offloaded another $2 billion in bonds and loans that got stuck on their balance sheets related to Patient Square Capital’s acquisition of Patterson Cos. In May, JPMorgan was also able to sell debt tied to FanDuel owner Flutter Entertainment Plc’s purchase of Playtech Plc’s Italian gambling business. Both transactions went through the syndicated market [1].
Apollo, which backs ABC, is expected to take some of the debt in this round, according to people familiar with the matter. Discussions are in early stages and plans may change [1].
References:
[1] https://www.bloomberg.com/news/articles/2025-08-13/apollo-in-talks-to-revive-2-billion-debt-sale-tied-to-auto-deal
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Apollo Global Management is in talks to revive a $2 billion debt sale tied to its buyout of Canadian auto parts maker ABC Technologies Holdings Inc. The debt sale was stuck on banks' balance sheets during April's market selloff. Private credit firms like HPS Investment Partners are involved, signaling a potential shift away from the syndicated market. Discussions are in early stages and plans may change.
Apollo Global Management Inc. is in discussions to revive a $2 billion debt sale tied to its buyout of Canadian auto parts maker ABC Technologies Holdings Inc. The debt sale was previously stuck on banks' balance sheets during April's market selloff, following US President Donald Trump's sweeping tariff announcement on April 2 [1]. The latest talks involve private credit firms, including HPS Investment Partners, signaling a potential shift away from the broadly syndicated market where banks operate [1].The ABC deal was one of several whose buyout debt banks were left holding after the tariff announcement. Lenders including Citigroup Inc. and JPMorgan Chase & Co. had already launched a $900 million leveraged loan and were preparing a $1.325 billion junk bond to support ABC’s planned purchase of its British peer, TI Fluid Systems Plc. However, the process stalled when markets froze due to concerns about the tariff impact, leading to "hung debt" on banks' balance sheets [1].
Representatives for Apollo, HPS, Citigroup, and JPMorgan declined to comment. Messages left with ABC were not returned. The ABC discussions come a few weeks after banks successfully offloaded another $2 billion in bonds and loans that got stuck on their balance sheets related to Patient Square Capital’s acquisition of Patterson Cos. In May, JPMorgan was also able to sell debt tied to FanDuel owner Flutter Entertainment Plc’s purchase of Playtech Plc’s Italian gambling business. Both transactions went through the syndicated market [1].
Apollo, which backs ABC, is expected to take some of the debt in this round, according to people familiar with the matter. Discussions are in early stages and plans may change [1].
References:
[1] https://www.bloomberg.com/news/articles/2025-08-13/apollo-in-talks-to-revive-2-billion-debt-sale-tied-to-auto-deal
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