BNP Backs Apollo Private Credit with $5B Commitment

BNP Paribas is making a $5B day-one financing commitment supporting investment-grade, asset-backed credit originated by Apollo Global Management and ATLAS SP Partners, the warehouse finance and securities products business in which Apollo holds a majority stake, the companies said in a September 20 news release.

BNP’s investment is expected to increase over time, the companies said. Apollo Co-President Jim Zelter noted that the collaboration is one of the largest-ever bilateral financings for directly originated credit assets and expands on Apollo’s existing relationship with the French bank, where it provides inventory finance solutions through its Eliant platform.

Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel, and Redding Ridge Asset Management acted as structuring agent to Apollo and ATLAS in the transaction. Cadwalader, Wickersham & Taft LLP served as legal counsel to BNP.

View the news release here.

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