Private equity firm apollo agreed to buy at least some of an unrated subordinated bond that backed its US$1.3bn buyout of information technology company presidio after investors balked at the deal, according to sources close to the transaction. Apollo paid 80 cents on the dollar for the eight-year non-call three notes, but it was not clear how much of the US$150m issue it bought or whether the five banks that underwrote the transaction - Barclays, Credit Suisse, Citi, Goldman Sachs and SBC - were left holding any.
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