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Apollo-Backed Constellis’s Debt Hit Lows as Restructuring Looms

Jan. 6, 2020, 6:12 PM

Debt tied to Constellis Holdings LLC slid toward new lows as the security contractor backed by Apollo Global Management Inc. looks to rework its debt load of more than $1 billion, with lenders potentially taking control.

Constellis, which provides security services around the U.S. embassy complex in Iraq -- the site of recent anti-American protests -- is seeking to restructure its balance sheet out of court, but it’s also considering a pre-negotiated bankruptcy filing with the support of lenders, Bloomberg reported last week.

Quotes on the company’s $725 million first-lien term loan fell to around 30 cents on the dollar...

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