Apollo Seeks Payout From Refinancing €1.1 Billion Ingenico Debt

Apollo Global Management-owned Ingenico is raising a €1.1 billion ($1.2 billion) term loan to refinance the French payment firm’s debt and give a payout to the private equity firm.

It follows a series of recent junk debt sales that went toward paying owners a dividend, a tactic used by private equity firms struggling to monetize their investments. In this case, the refinancing is for debt that backed a high-profile leveraged buyout in 2022 that had to be sold at a discount after central banks started hiking interest rates.

The deal on offer now, led by Goldman Sachs Group ...