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Apollo to Repackage $9B ONEOK Stake Into Subordinated Debt Deal

Apollo Global Management logoApollo Global Management
Sig4.21Sen+2.12Env0.00Soc0.00Gov+0.30
Oneok logoOneok
Sig2.60Sen+1.55Env0.00Soc0.00Gov0.00

Apollo announced a deal that repackages its $9 billion stake in ONEOK into a subordinated structure treated as permanent equity for the borrower. The setup allows ONEOK to raise capital without adding conventional debt. Apollo aims to convert corporate equity into investment-grade debt it can sell, using insurer partners and other Apollo and client funds.

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