Apollo-Backed Constellis Skips Payment Ahead of Restructuring

Constellis Holdings LLC, the security contractor backed by Apollo Global Management Inc., skipped a second loan payment as the company continues advanced talks to rework its debt load of more than $1 billion.

• Security firm’s 2L term loan downgraded to D from C following the skipped $6m interest payment due Jan. 31 on its $215m facility, S&P writes in note
• Constellis recently closed on a $110m delayed-draw credit facility provided by existing lenders that requires the company to present a debt restructuring plan by Feb. 4, S&P says
  • “This new plan will either entail a transaction that we ...