Apollo Global Management (APO) has made some concessions regarding its debt refinancing for photo company Shutterfly in a bid to entice some unwilling investors, Bloomberg reported Thursday, citing unnamed people familiar with the matter.
The company is offering a 12.5% yield on a high-yield bond portion and has also rolled its existing piece of second-line debt into a new $250 million junior tranche, the report said.
The refinancing also makes whole the creditors who earlier absorbed losses during a separate 2023 debt exchange at Shutterfly, the people said, according to the report.
Apollo Global Management did not immediately respond to' request for comment.
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