Apollo provides $585m financing package to KKR-backed TEC
Apollo Global Management has committed $585m in financing to flexible workspace operator The Executive Centre (TEC), marking the alternative investment firm's largest hybrid debt-and-equity transaction in Asia to date, according to a report by Bloomberg.
Apollo Global Management has announced a $585 million financing package for The Executive Centre (TEC), a flexible workspace operator. This is the firm's largest hybrid debt-and-equity transaction in Asia, according to Bloomberg. The financing is primarily intended to refinance TEC's existing borrowings, as stated in a company release.
The deal was reached after a competitive bidding process and combines both debt and equity, highlighting Apollo's growing presence in Asia's private capital and lending markets. TEC was acquired in 2021 by a consortium consisting of KKR and Tiga Investments. The company has a strong footprint, with locations in 38 cities across 15 markets in Asia Pacific and the Middle East.
This transaction comes at a time when private credit managers are stepping up competition against banks for larger shares of corporate lending in the region. Apollo has been expanding its regional footprint through direct investments and lending, as demonstrated by this deal which showcases the firm's capability to structure financing solutions using various forms of capital.
Additionally, Apollo recently committed $1.5 billion to a Keppel-managed fund, which targets an offshore energy assets portfolio.
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