Apollo’s Brightspeed Seeks More Financing for Fiber Buildout

Brightspeed, a telecommunications firm owned by Apollo Global Management Inc., plans to line up $1.65 billion of additional financing to upgrade its fiber optic network, according to people with knowledge of the matter.

The proposed injection would be structured as a first-out, first-lien bond, said the people, who asked not to be identified discussing a private matter. The incremental debt would carry a 10.5% coupon with a 2031 maturity, they added. The bond has been upsized twice from an initial target of $500 million in light of investor demand.

A representative for Apollo declined to comment. Messages left ...