Apollo provides $585M hybrid financing to Asia's flexible-office provider
Apollo Global Management has provided $585 million in financing to office space provider The Executive Centre (TEC), according to the company's announcement on Tuesday. The funds will be utilized to refinance existing debt and support TEC's expansion initiatives. Bloomberg previously reported that TEC had sought a loan of approximately $500 million for debt refinancing and capital expenditure purposes.
TEC, headquartered in Hong Kong, operates workspaces throughout the Asia-Pacific region and the Middle East, boasting a portfolio of over 260 centers across 38 cities.
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