$100M Apollo Debt-Buy Deal For Potash Mine Crumbles

Law360, New York (March 8, 2013, 4:06 PM EST) -- A deal in which Apollo Global Management LLC would have bought $100 million in convertible debt securities from Denver-based Prospect Global Resources Inc. to finance an Arizona potash mining development has been killed, Prospect said Thursday.

Explanations for terminating the deal, which was first inked in late November, were not given. Spokesmen for Prospect Global and Apollo declined to comment further on Friday.

“Also today, Prospect Global and investment funds affiliated with [Apollo] mutually terminated the previously announced investment agreement,” was all that Prospect Global said....
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