Apollo reins in aggression on Verallia PIK bond

摘要

Apollo Global Management has successfully resurrected its previously failed payment-in-kind bond from VERALLIA, making a series of concessions to win over investors who snubbed the deal last time around. On Wednesday Verallia revived the abortive trade, targeting a smaller €350m five-year non-call two PIK toggle deal and halving the proposed dividend to €280m. US private equity giant Apollo owns 90% of Verallia and BPI France holds the remaining 10%.