Brightspeed cuts deal to slash US$1.1bil of debt

Brightspeed is getting the new capital from all of its secured lenders and Apollo. — Bloomberg

NEW YORK: Apollo Global Management Inc’s Brightspeed reached a deal with a group of lenders to slash US$1.1bil of the telecom company’s debt and receive US$3.7bil of new capital.

Brightspeed is getting the new capital from all of its secured lenders and Apollo, according to a statement. Amendments to the fibre firm’s existing loan and credit facilities eliminated the debt.