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Apollo to Structure $9 Billion Oneok Equity Investment into Investment-Grade Debt

Energy Minerals · Oil & Gas Production · yonhap_finance · 2026-09-01

Apollo Global Management plans to convert its $9 billion minority stake in energy firm Oneok into investment-grade debt to optimize capital efficiency.

What Happened

Investment Structuring: Apollo Global Management has invested $9 billion in Oneok and plans to repackage this minority stake into investment-grade debt for sale to investors. This structure allows Oneok to secure capital without the typical credit rating risks associated with traditional debt issuance.

Capital Deployment: Oneok intends to use the proceeds to acquire Brazos Midstream Holdings for $4.4 billion, strengthening its natural gas operations in West Texas. The remaining $5 billion will be allocated toward paying down existing corporate debt.

Debt Conversion: Apollo will tier the equity stake into various levels of priority to create investment-grade securities. These assets will be distributed among Apollo’s insurance arm, Athene, as well as third-party funds and other institutional clients.

Market Significance: This deal highlights Apollo's growing role as a primary financier for large corporations. The firm has successfully executed over $100 billion in similar structured transactions with major global companies including Intel, BP, and Anheuser-Busch InBev.

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