Apollo inks $5bn funding commitment from BNP Paribas
Apollo Global Management has secured a $5bn (£3.8bn) funding commitment from BNP Paribas, in what it describes as one of the largest-ever bilateral financings for directly-originated credit assets.
The French bank will finance investment-grade, asset-backed credit originated by the alternative asset manager and Atlas SP Partners, the securitised products business that Apollo acquired from Credit Suisse.
Under the terms of the deal, BNP Paribas will make a day-one commitment of $5bn which is expected to increase over time.
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It has also agreed to a capital markets collaboration to support securitisations sourced by Apollo and Atlas issuer clients.
“We believe this strategic collaboration, which includes one of the largest-ever bilateral financings for directly-originated credit assets, is a testament to the strength of Atlas’ unique origination capabilities and differentiated model,” said Apollo co-president Jim Zelter.
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“Working hand-in-hand with BNP Paribas, this transaction shows how Apollo and Atlas continue to expand relationships with leading global financial institutions and builds on Apollo’s existing collaboration with BNP Paribas to provide inventory finance solutions through the Eliant platform.”
In 2022, Apollo, alongside its annuities business subsidiary Athene, and BNP Paribas announced a strategic relationship with the launch of Eliant Inventory Solutions, a platform providing flexible financing solutions for working capital and supply chain needs.
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