Apollo adds CMBS carveout to LifePoint high yield bonds

The high yield bonds being issued to support Apollo’s acquisition of hospital group LifePoint Health include carve-outs that allow the private equity firm to pay itself dividends by securitizing LifePoint’s property and equipment without falling foul of additional debt and restricted payments covenants.

  • By David Bell
  • 07 Nov 2018

The private equity firm launched a $5bn financing package last week to support the acquisition of hospital firm LifePoint Health. The company will be merged with RCCH Healthcare Partners, another hospital firm acquired by Apollo in November 2015.

The $1.575bn

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Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 5,515.97 36 7.06%
2 Credit Agricole CIB 5,307.12 27 6.79%
3 Deutsche Bank 5,150.50 27 6.59%
4 JPMorgan 4,531.58 20 5.80%
5 Goldman Sachs 4,189.40 23 5.36%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
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1 Deutsche Bank 2,970.40 18 8.37%
2 Citi 2,605.77 18 7.34%
3 BNP Paribas 2,567.12 24 7.23%
4 JPMorgan 2,467.56 18 6.95%
5 Goldman Sachs 1,928.73 16 5.43%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 14,123.16 113 9.80%
2 Citi 13,032.25 105 9.05%
3 Bank of America Merrill Lynch 10,741.94 90 7.46%
4 Goldman Sachs 10,344.47 77 7.18%
5 Morgan Stanley 8,543.55 64 5.93%