全球管理公司已提供约 96 亿美元的债务承诺，以支持 Thrive Holdings 收购家庭安防服务商 ADT Inc.，这是该公司进军大型投资银行传统领地的最显著案例之一。
Global Management Inc. has provided about $9.6 billion of debt commitments to support Thrive Holdings’ acquisition of home security provider ADT Inc., one of the starkest examples yet of the firm muscling in on large investment banks’ turf.
据一位知情人士透露，这家另类资产管理公司计划引入银行共同承销该笔债务，随后通过银团化流程将其出售给高收益债券和杠杆贷款市场的机构投资者。该人士因讨论私人细节而要求不具名。
The alternative asset manager plans to bring in banks to co-underwrite the debt, which would then be sold to institutional investors in the high-yield bond and leveraged loan markets in a syndication process, according to a person with knowledge of the matter, who asked not to be identified discussing private details.
此外，根据一份文件披露，Apollo 还将提供部分优先股权以支持该交易。
In addition, Apollo is providing some preferred equity to support the deal, according to a filing.
这笔杠杆收购交易是 Apollo 接手原本仅由最大型投资银行担任的角色的最新例证，此类桥梁融资通常由这些大行自行提供。今年早些时候，Apollo 曾在几周内向 Broadcom Inc. 提供 350 亿美元的债务交易，展示了其与企业建立类银行关系、并能更快速行动的能力。
The leveraged buyout transaction marks the latest example of Apollo taking on roles that used to only be held by the largest investment banks, which typically would provide such bridge financing by themselves. Earlier this year, Apollo demonstrated the extent of its ability to forge bank-like relationships with companies — and move even more quickly — by offering Broadcom Inc. a $35 billion debt deal within weeks.
值得注意的是，根据一份声明，融资承诺完全由 Apollo 单独提供。这意味着，如果市场出现波动导致其意外无法将部分债务进行银团化，Apollo 将独自承担全部 96 亿美元的责任。尽管这种结果不太可能发生，但极少有公司能在单笔交易中一次性提供如此大额的承诺。
Notably, Apollo alone provided the financing commitments, according to a statement. That leaves the firm on the hook for the entire $9.6 billion if it unexpectedly can’t syndicate some of the debt, which could potentially happen if markets turn volatile. While that outcome is unlikely, few firms can provide such a large commitment all at once on a single transaction.
Apollo 和 Thrive 的代表均拒绝置评，留给 ADT 的信息未获回复。Octus 此前曾报道部分融资细节。
Representatives for Apollo and Thrive declined to comment while messages left with ADT were not returned. Octus earlier reported some details of the financing.
Thrive 于周四宣布，将以约 76 亿美元的股权价值收购 ADT，若计入该公司现有债务，交易总值约为 153 亿美元。Thrive Holdings 成立于去年，是 Joshua Kushner 旗下风投公司 Thrive Capital Management 的分支机构。
Thrive announced Thursday that it is buying ADT for about $7.6 billion in equity value, or around $15.3 billion when factoring in the company’s existing debt. Formed last year, Thrive Holdings is an offshoot of Joshua Kushner’s venture firm Thrive Capital Management.
据标准普尔全球评级周四发布的一份报告，ADT 现有债务约为 78 亿美元。该机构表示，此次收购可能会削弱公司的信用指标，并可能导致其将 ADT 的 BB 评级下调一级。
ADT has about $7.8 billion of existing debt, according to a report Thursday by S&P Global Ratings. The agency said the acquisition is likely to weaken the company’s credit metrics and could lead it to lower ADT’s BB rating by one notch.
报告称：“考虑到交易规模以及 ADT 现有债务的不确定性，我们认为现金流可能会因借贷成本增加而受到限制。”
“Given the transaction size and the uncertainty regarding ADT’s existing debt, we believe cash flow could be constrained by increased borrowing costs,” the report said.
穆迪评级公司给该公司的评级为 Ba3，该公司周五将展望从“正面”调整为“稳定”，意味着预计评级将保持不变。
Moody’s Ratings, which grades the company Ba3, on Friday changed its outlook from positive to stable, meaning it expects the rating to stay the same.