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(Bloomberg) -- Apollo Global Management Inc. plans to fund its acquisition of Verizon Communications Inc.’s media division with about $2 billion of debt.The financing package is expected to include a $1.5 billion leveraged loan, led by Royal Bank of Canada, and about $500 million of bonds, with equity making up the rest, according to people with knowledge of the matter, who asked not to be identified discussing a private transaction.The total cash portion of the transaction is $4.25 billion, according to a news release. Verizon will also receive $750 million in preferred interests and retain a 10% stake in the company.The acquisition is due to close in the second half of the year. RBC, Barclays Plc, Bank of Montreal, Deutsche Bank AG and Mizuho Financial Group Inc. provided financing, according to the release.Representatives for Apollo, Mizuho and RBC declined to comment. Representatives for the other banks didn’t immediately respond to a request for comment.Read more: Verizon Sells 90% of Media Division to Apollo for $5 BillionWith the sale, Verizon is unloading the remnants of an ambitious but distracting foray into online advertising. The phone company’s priority is its wireless business and the construction of a multibillion-dollar network for advanced 5G services.Apollo’s acquisition comes amid an increase in buyout activity as private equity firms look to take advantage of cheap financing in the junk-debt markets to fund deals. Almost $63 billion of leveraged loans were launched in April, driven in large part by buyout financings.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
As the devastating impacts of COVID-19 continue to affect many parts of the world, including India, RBC will commit $250,000 to the WHO Foundation to support COVID-19 community response efforts in some of the most vulnerable communities globally.