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Apollo-Backed Ingenico Initiates Debt Talks Amid Rising Interest Costs

Apr 23, 2026 13:46 UTC
APO
Medium term

French payment specialist Ingenico is negotiating with creditors to address an unsustainable debt burden. The firm is seeking relief on €1.1 billion in term loans as interest expenses become unmanageable.

  • Ingenico seeking relief on €1.1 billion in term loans
  • Rothschild appointed as financial adviser to the company
  • PIMCO leading the creditor group with advice from Houlihan Lokey
  • Debt described as untenable due to interest payment struggles
  • Reflects broader pressure on Apollo-backed leveraged assets

Ingenico, the French payment terminal provider backed by Apollo Global Management, has entered formal discussions with its lenders to restructure its financial obligations. The company is reportedly struggling to keep pace with its interest payments, leading to the current state of distress. To navigate the restructuring process, Ingenico has appointed Rothschild as its financial adviser. The negotiations center on €1.1 billion (approximately $1.3 billion) in term loans, highlighting the pressure that sustained higher interest rates have placed on leveraged corporate structures. The creditors, led by Pacific Investment Management Co. (PIMCO), have assembled their own team of experts for the talks. PIMCO is being advised by investment bank Houlihan Lokey and the law firm Gibson Dunn as they evaluate the company's capacity to service its debt. This development serves as a critical indicator for the broader private equity landscape, particularly for firms with high leverage. The outcome of these negotiations will likely signal how lenders are treating distressed assets in the European payments sector and whether Apollo will need to inject further capital to stabilize the entity.

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