Apollo Global Management is negotiating to increase a NAV loan to SoftBank Group
from $5.4 bln to about $9.0 bln, using assets of SoftBank Vision Fund 2 as
collateral, to help SoftBank deepen its investment in OpenAI. The size of the
financing is not final. Apollo first provided the NAV facility in 2021 and
topped it up by $900 mln last year to $5.4 bln. NAV loans are secured by fund
assets and let private-capital firms raise cash. SoftBank, a major AI investor,
finances much of its dealmaking with debt; amid rising AI-safety concerns its
corporate CDS hit a three-year high this week.
