Apollo $100M Debt Buy To Fund Colo. Potash Project

Law360, New York (October 29, 2012, 1:12 PM EDT) -- New York private equity firm Apollo Global Management LLC has agreed to buy $100 million in convertible debt securities from Denver-based Prospect Global Resources Inc. to finance an Arizona potash mining development, Prospect Global said Friday.

Apollo will buy $100 million in convertible second lien notes, Prospect Global said. The notes, slated to be issued in the first half of 2013, have a $3 initial conversion price and an annual interest rate of 10 percent.

The funds will go toward Prospect Global's potash mining project in...
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