NEW YORK, Sept 29 (Reuters) - Banks are ending efforts to sell to investors $3.9 billion worth of debt that backed Apollo Global Management Inc's deal to buy some assets of telecommunications company Lumen Technologies Inc, people familiar with the matter said. A consortium of banks led by Bank of America Corp and Barclays Plc are poised to cancel the syndication of the $2 billion leveraged loan and the $1.9 billion junk bond after the transaction failed to generate enough orders from investors, the source said. Apollo bought assets and operations of Los Angeles-based Lumen Technologies in 20 states for $7.5 billion, including debt, and rebranded the acquisition as Brightspeed. Brightspeed and the banks declined to comment. Apollo did not respond to a request for comment. The botched debt syndication is the latest sign that banks are struggling to offload billions of dollars worth of junk-rated debt from their books owing to current market volatility. Last week, Wall Street banks, including Bank of America, Credit Suisse Group AG and Goldman Sachs Group Inc , suffered a $700 million loss in the sale of about $4.55 billion in debt backing the leveraged buyout of business software company Citrix Systems Inc. (Reporting by Matt Tracy in Washington, D.C and Abigail Summerville in New York; Writing by Chibuike Oguh in New York; Editing by Cynthia Osterman)
UK shareholder meetings calendar - next 7 days
Friday 3 May | |
Ashoka India Equity Investment Trust PLC | GM re share issue |
HSBC Holdings PLC | AGM |
Intercontinental Hotels Group PLC | AGM |
Mondi PLC | AGM |
More Acquisitions PLC | AGM |
Monday 6 May | |
no events scheduled | |
Tuesday 7 May | |
Caledonia Mining Corp PLC | AGM |
CPPGroup PLC | AGM |
Just Group PLC | AGM |
Macfarlane Group PLC | AGM |
Plus500 Ltd | AGM |
Supernova Digital Assets PLC | AGM |
Wednesday 8 May | |
Airea PLC | AGM |
Antofagasta PLC | AGM |
Aston Martin Lagonda Global Holdings PLC | AGM |
Deltex Medical Group PLC | AGM |
Direct Line Insurance Group PLC | AGM |
Fidelity European Trust PLC | AGM |
Haleon PLC | AGM |
Jardine Matheson PLC | AGM |
JZ Capital Partners Ltd | EGM re investing in a secondary fund |
Oscillate PLC | AGM |
Pershing Square Holdings Ltd | AGM |
Rentokil Initial PLC | AGM |
WPP PLC | AGM |
Thursday 9 May | |
Ascential PLC | AGM |
BAE Systems PLC | AGM |
Balfour Beatty PLC | AGM |
Barclays PLC | AGM |
CAB Payments Holdings PLC | AGM |
Catenai PLC | GM re convertible loan note |
Clarkson PLC | AGM |
FBD Holdings PLC | AGM |
Genel Energy plc | AGM |
Gym Group PLC | AGM |
Harbour Energy PLC | AGM |
Hiscox Ltd | AGM |
IMI PLC | AGM |
Inchcape PLC | AGM |
Indivior PLC | AGM |
John Wood Group PLC | AGM |
Jupiter Fund Management PLC | AGM |
Logistics Development Group PLC | AGM |
Man Group PLC | AGM |
Morgan Advanced Materials PLC | AGM |
OSB Group PLC | AGM |
Public Policy Holding Co Inc | AGM |
Rathbones Group PLC | AGM |
RM PLC | AGM |
Spire Healthcare Group PLC | AGM |
Synthomer PLC | AGM |
Uniphar PLC | AGM |
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