Apollo Global Management's aggressive tactics against creditors have created a measurable "Apollo premium" for its portfolio companies. Research from Vince Buccola of the University of Chicago and Greg Nini of Drexel University shows Apollo-backed firms pay roughly one percentage point more to borrow in corporate loan markets. The average yield across private equity firms analyzed was 7.17 percent. This premium stems from Apollo's reputation for harsh creditor treatment in restructurings, not from higher leverage or weaker documentation.

Apollo's history includes the Caesars Entertainment bankruptcy a decade ago, where it battled creditors including Appaloosa Management, Oaktree Capital and Elliott Management, ultimately paying billions to settle lawsuits over alleged fraudulent transfers. More recently, Apollo found itself targeted by similar tactics when Altice USA, part of Patrick Drahi's empire, sued Apollo and other creditors for forming an "illegal cartel" to block refinancing.

The firm now oversees $200bn in private equity assets and $800bn in credit investments, which it views as its growth engine. Apollo has reshaped debt-equity norms, with costs and benefits that will be debated for years.