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Atlas Warehouse Lending Company Recapitalized to Strengthen Investment-Grade Credit Profile and Expand Lending Capacity

$1.3 Billion Equity Investment Reduces Leverage and Enhances Capital Flexibility

NEW YORK, Oct. 22, 2025 (GLOBE NEWSWIRE) -- ATLAS SP Partners (“ATLAS”), the warehouse finance and securitized products business majority owned by Apollo funds, today announced the recapitalization of Atlas Warehouse Lending Company, L.P. (“AWLC”). AWLC is a wholly owned, investment-grade-rated subsidiary of WHCO Intermediate Holdings L.P. (“Atlas Warehouse Company”), which serves as the primary funding entity for ATLAS's broader lending platform.

AWLC is the core balance sheet within Atlas Warehouse Company and primarily invests in a portfolio of warehouse lending facilities originated by ATLAS1, serving as a key vehicle for unsecured debt issuance and long-term capital deployment.

As part of the recapitalization, AWLC received a $1.3 billion equity investment from Atlas Warehouse Company, funded through existing committed capital from current investors. This brings AWLC’s total equity to $2.3 billion and reduces AWLC’s total debt-to-equity ratio to 2.0x. As of September 30, 2025, AWLC has also eliminated all secured financing vehicles from its balance sheet, resulting in a fully unencumbered asset portfolio. AWLC’s $2.0 billion committed unsecured revolving credit facility remains in place.

On a go-forward basis, AWLC plans to adopt a streamlined liability structure, funded solely by unsecured debt, and expects to maintain a target debt-to-equity ratio of 2.0x. AWLC believes that the recapitalization strengthens its capital base, while maintaining robust asset coverage and covenant protections to support its investment-grade credit ratings.

“We believe this recapitalization further strengthens AWLC as a durable financing vehicle for scalable, investment-grade-equivalent warehouse lending,” said Carey Lathrop, CEO of ATLAS. “By reducing AWLC’s leverage profile and simplifying the capital structure, we’ve created a more stable balance sheet that supports our clients’ evolving needs and positions AWLC for future growth.”

AWLC is currently rated Baa3 by Moody’s, BBB- by S&P Global Ratings and BBB by Fitch, based on its prior capital structure and before reflecting the recapitalization.

1This includes warehouse loans originated by AWLC's investment manager, AASP Management, L.P (“AASP”), or by ATLAS personnel, at a prior financial institution.

Conference Call
AWLC will host a conference call on Friday, October 24, 2025, at 10:00 a.m. ET to discuss the recapitalization. Dial-in and webcast details for the conference call and accompanying presentation materials will be provided to registered users of AWLC’s secure data room, accessible from www.awlc.com.

About ATLAS SP Partners
ATLAS is a global investment firm providing stable capital, financing, advisory and institutional products to market participants seeking innovative and bespoke structured credit and asset-backed solutions. ATLAS is proud to build upon a legacy of client excellence that includes certainty of execution, deep expertise and full-service capabilities across the asset management landscape. For more information, visit www.atlas-sp.com.

Media Contact
Tim Ragones / Kate Thompson / Kate Kelley
(212) 355-4449
atlas-sp@joelefrank.com

Investor Contact
Alex Pelzar
Head of Investor Relations
(212) 540-5749
investor.relations@atlas-sp.com


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