Apollo’s Brightspeed Cuts Deal to Slash $1.1 Billion of Debt (1)

Apollo Global Management Inc.’s Brightspeed reached a deal with a group of lenders to slash $1.1 billion of the telecom company’s debt and receive $3.7 billion of new capital.

Brightspeed is getting the new capital from all of its secured lenders and Apollo, according to a statement. Amendments to the fiber firm’s existing loan and credit facilities eliminated the debt.

Bloomberg reported in July that Apollo and Brightspeed lenders including Bank of America Corp. and Barclays Plc. were holding restructuring talks for a slug of Brightspeed debt. The deal under discussion called for the banks to take haircut ...