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WILMINGTON - King US Bidco, Inc. announced Wednesday it has priced €750 million in floating rate senior secured notes due 2032 at an issue price of 100%. The notes will bear interest at a rate equal to three-month EURIBOR (with a 0% floor) plus 3.25%.
The offering is expected to close on December 1, 2025, subject to customary conditions. The notes will mature on December 1, 2032.
King US Bidco, which will be indirectly owned by investment funds managed by Apollo Global Management and Triton Investments Advisers, plans to use the proceeds to fund the acquisition of Kelvion Thermal Solutions Holding GmbH and Mangrove GermanCo I GmbH. The funds will also redeem €525 million of existing senior secured floating rate notes due 2029 and repay borrowings under existing senior secured facilities.
The notes are being offered only to qualified institutional buyers under Rule 144A of the Securities Act and to non-U.S. persons outside the United States under Regulation S. They will not be registered under the Securities Act.
Deutsche Bank Aktiengesellschaft is acting as stabilizing manager for the offering.
If the notes are issued before the acquisition closes, the proceeds will be held in escrow until the transaction is completed.
This information is based on a press release statement from King US Bidco, Inc.
In other recent news, Apollo Global Management reported its third-quarter 2025 earnings, revealing a notable earnings per share (EPS) of $2.17, which exceeded expectations of $1.91, delivering a 13.61% surprise. However, the company’s revenue significantly underperformed, reaching only $1.15 billion compared to the forecasted $4.92 billion, a shortfall of 76.63%. In a move to raise capital, Apollo has priced an offering of $750 million in senior notes, consisting of $400 million in 4.600% Senior Notes due 2031 and $350 million in 5.150% Senior Notes due 2035. These notes will consolidate with $500 million of the same series issued in August 2025. Analyst activity has been notable, with Goldman Sachs raising its price target for Apollo to $155, maintaining a Buy rating, and citing a strong fundraising outlook and expanding origination pipeline. Additionally, Keefe, Bruyette & Woods increased its price target to $173 from $162, maintaining an Outperform rating, following Apollo’s earnings report, which showed an EPS beat against both the firm’s estimates and consensus. These developments highlight the dynamic financial landscape surrounding Apollo Global Management.
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