West Corporation (now Intrado)

restructured

Technology / Communications — Apollo Global Management

Deal Terms

Entry Year2017

Entry EV$5.6B

Entry Multiple8x

Leverage6x

Debt Amount$3.36B

Risk Metrics

LTV (est.)60%

Debt / EV0.60x

Notes

Apollo $5.6B LBO (2017). Unified communications and 911 infrastructure. $3.36B debt. Revenue declining as enterprise comm shifts to cloud. Rebranded to Intrado. Apollo stripped costs, sold divisions, loaded more debt. Manages critical 911 emergency call infrastructure — PE cost-cutting on public safety systems. Distressed debt exchanges began 2023. Apollo equity impaired.

Sponsor

Apollo Global Management$938B AUM