Emerald Holding Markets $1.065B Covenant-Lite Loan at S+375-400 for Apollo Buyout
EEX•Emerald Holding is marketing a $1.065 billion leveraged loan package—comprising a $765 million Term Loan B and $300 million of delayed-draw tranches—priced at S+375-400 (0% floor) for a 7.82%–8.08% yield. The financing backs Apollo’s $1.5 billion LBO at $5.03 per share, closing in H2 2026.
1. Loan Structure and Pricing
Lead arranger Barclays set price talk for the seven-year covenant-lite Term Loan B at S+375-400 with a 0% floor and a 99 OID, implying a 7.82%–8.08% yield and six months of 101 soft call protection. The package includes a $765 million TLB and two delayed-draw tranches of $200 million and $100 million trading as a strip.
2. Ratings and Lenders
Corporate and facility ratings are B/B2 with stable outlooks, and the loan carries a recovery rating of 3. Barclays, Bank of America, Deutsche Bank, Royal Bank of Canada, UBS and Wells Fargo have committed to the debt financing, which also features a $175 million five-year revolving credit facility with a springing first-lien leverage covenant.
3. Acquisition Terms and Timeline
The debt backs Apollo Global Management’s acquisition of Emerald and Questex, combining the two B2B events businesses under one platform for $5.03 per share and an enterprise value of roughly $1.5 billion. Apollo funds have committed $760 million of equity, Onex Partners will vote in favor, and closing is expected in H2 2026.
