Apollo Taps PJT to Help Weigh Options for Brightspeed Debt Stack

Apollo Global Management Inc. is evaluating options for the debt load of Brightspeed, a leveraged buyout acquisition that saddled banks with billions of dollars of the company’s debt two years ago, according to people with knowledge of the matter.

PJT Partners Inc. is advising Apollo on the situation, according to the people, who asked not to be identified discussing private deliberations.

Representatives for Apollo and PJT declined to comment, while Brightspeed didn’t respond to requests seeking comment.

Apollo agreed to buy Brightspeed — a carveout from Lumen Technologies Inc. — in late 2021, just before interest rates began rising. Banks ...