12:08 PM EDT, 07/26/2024 (MT Newswires) -- Apollo Global Management ( APO ) and banks led by Barclays ( JJCTF ) and Bank of America (BAC) are negotiating a restructuring deal for Brightspeed's debt, which may result in banks taking a loss, Bloomberg reported Friday citing people with knowledge of the matter.

Discussions focus on Apollo and the banks offering fresh loans to back the company, with the banks accepting a reduction in the worth of their current loans, the people reportedly told Bloomberg.

The new financing is expected to amount to at least $3.5 billion, according to the report.

The deal is part of broader efforts to manage liabilities amid rising interest rates, though no agreement has been reached yet, the report added.

Apollo and the banks did not immediately respond to MT Newswires' requests for comment.

Apollo shares rose nearly 1% in recent trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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