The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.

(Bloomberg) -- Apollo Global Management Inc. is looking to turn another multibillion-dollar corporate equity deal into investment-grade debt it can sell to investors.

Most Read from Bloomberg

Nvidia to Invest $3.5 Billion in Chipmaker MediaTek

Trump Urges FCC to Probe Media Polling, Punish NBC Moderator

Forget GLP-1 Stocks, Baldness Drugs Are Wall Street's Next Goldmine

Trump's Venezuela Oil Grab Reprises Industry's Neocolonial Past

Bessent Faces Credibility Test Selling 'American Growth Agenda' to G20

Apollo's $9 billion stake in Oneok Inc. will be treated as permanent equity by the borrower, allowing the Tulsa, Oklahoma-based energy company to raise capital without adding conventional debt or pressuring its credit rating. The deal was announced Sunday.

Apollo is aiming to structure the deal so securities backed by its holding can get investment-grade ratings, according to a person familiar with the matter, who asked not to be identified discussing confidential information. The capital is treated as a minority equity investment that's subordinated to the firm's existing debt. Apollo then slices that up into levels of seniority, some of which can be rated investment grade.

Such deals are partially placed with Apollo's insurer Athene and third-party insurers, as well as with other Apollo and client funds.

The move highlights a strategy that the New York-based alternative asset manager has been fine-tuning across a growing number of deals. Such transactions provide companies with capital that behaves like equity and avoids the leverage and risk of downgrades that come with raising debt. It's another example of how Apollo has become a go-to financier for large corporations.

Apollo has completed more than $100 billion of such transactions, including those with Intel Corp., Vonovia SE, Germany's largest residential landlord, Anheuser-Busch InBev, Air France-KLM and BP Plc. Apollo said its pipeline for deals, which include similar types of structures, tops $100 billion.

The Oneok deal was originated by Apollo's Capital Solutions business, which is led by executives including Jamshid Ehsani.

Apollo's lending model hinges on constant growth and a steady supply of highly rated assets to feed Athene's balance sheet. The firm now oversees more than $1 trillion.

The new deal will help Oneok buy Brazos Midstream Holdings' natural gas operations in West Texas for $4.4 billion and repay debt. Apollo's investment sits in a newly created holding company, ONEOK Holdings, that is structurally subordinate to ONEOK's existing senior debt, which is rated BBB.

Apollo's return is capped at 7% for the first nine years. It begins to rise in the 10th year, reaching 7.85% by the 15th.

Most Read from Bloomberg Businessweek

Apple's Ternus Takes the Reins as CEO, With AI as Job No. 1

How Celsius Became the King of Normie Energy Drinks

India's Tourism Paradox

India Is One of the World's Most Obese Countries, But Few Indians Want GLP-1s

The Dream of Quantum Computing Is Both Dead and Alive

©2026 Bloomberg L.P.