Citigroup, Apollo Agree to $25 Billion Private Credit, Direct Lending Program
By Don Nico Forbes
Citigroup and Apollo Global Management entered into an exclusive agreement to form a $25 billion private credit, direct lending program.
The companies said the program will initially be rolled out in North America, but will potentially expand to further regions and beyond the initial $25 billion scope.
The agreement aims to combine Citi's banking client reach and capital markets expertise with Apollo's capital base, and will include Mubadala Investment Company as Apollo's strategic partner, and Apollo subsidiary Athene.
"The strategic program is designed to significantly enhance access for corporate and sponsor clients to the private lending capital pool, at a scale and size which can provide funding certainty in strategic transactions," the companies said.
Write to Don Nico Forbes at don.forbes@wsj.com
(END) Dow Jones Newswires
September 26, 2024 09:39 ET (13:39 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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