Citigroup Inc. and Apollo Global Management have teamed up to create a $25 billion private credit direct lending program aimed at expanding access to capital for corporate and sponsor clients across North America. The program, announced on Thursday, is seen as a groundbreaking venture that combines Citi’s extensive banking relationships with Apollo’s robust capital base, providing large-scale funding solutions.
Citi and Apollo $25B Private Credit Program : Legal Teams Guide the Deal
The deal was supported by three prominent law firms. Cravath Swaine & Moore LLP advised Citi, while Paul Weiss Rifkind Wharton & Garrison LLP and Sullivan & Cromwell LLP represented Apollo, handling legal and regulatory aspects of the program.
Expanding Corporate Financing Options
Apollo’s co-president Jim Zelter hailed the program as a “first-of-its-kind” initiative. The collaboration will enhance Citi’s ability to offer private financing solutions to its clients while expanding Apollo’s reach into new origination opportunities. The program is expected to provide certainty in dealmaking by offering a sizable lending capital pool.
