Affiliates of funds managed by Apollo Global entered into a definitive agreement in August to acquire a majority ownership position in Escape Velocity Holdings Inc. and are now proposing a $950 million first-lien term loan, due in 2032, to partially finance the transaction. The financing plan also includes a $300 million senior secured ABL facility, which will be fully available for channel financing and includes a committed $225 million sublimit for revolving borrowings, as well as a $100 million delayed-draw term loan, accessible over a period of up to 24 months. Our view of Escape Velocity's business remains unchanged by this financial transaction. However, due to the incremental debt financing it, we expect pro forma leverage to increase to approximately
