Apollo Recaps Logistics Co. Ceva After Nixing IPO

Law360, New York (April 8, 2013, 8:38 PM EDT) -- Apollo Global Management LLC will swap debt for new equity in Ceva Group PLC, a Dutch logistics company it owns, and bring in co-investors to shore up the company's balance sheet after canceling its initial public offering, Ceva said Friday.

The deal eliminates €1.2 billion ($1.56 billion) in debt for Ceva, which Apollo bought in a 2006 spinout from European shipper TNT NV. Joining Apollo in the recapitalization are an affiliate of Capital Group Cos. and Ceva's biggest institutional investor, which was not named but is...
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