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)
Ex-Barclays duo agree Panmure and Liberum investment bank merger
Jan 16 (Reuters) - Former Barclays veterans Bob Diamond and Rich Ricci have agreed an all-share merger of Panmure Gordon and UK rival Liberum, the firms said on Tuesday, creating Britain's largest independent investment bank amid an extended dealmaking slump.
Read more