Apollo and Blackstone are among participants in $750mn financing for connected fitness company
Private lenders including Blackstone and Apollo joined public loan investors to bolster Peloton’s balance sheet with $750mn of new debt on Tuesday, a sign of how lines are blurring between two distinct capital markets.
The transaction, led by JPMorgan Chase, concluded quickly thanks to early support from a handful of private lenders that joined traditional investors in the corporate loan market. Orders for the $750mn of debt reached $1.5bn, said people familiar with the deal.
But Peloton’s shares have fallen about 90 per cent from their peak, dragging its equity valuation from more than $40bn to $5bn. This year the company cut jobs and replaced co-founder and chief executive John Foley with Barry McCarthy, a veteran of subscription businesses Netflix and Spotify.
Read more: FT
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