NEW YORK, Oct. 03, 2024 (GLOBE NEWSWIRE) -- Apollo Global Management, Inc. (NYSE:APO) (the "Issuer" and, together with its consolidated subsidiaries, "Apollo") today announced that it has priced an offering (the "Offering") of $500 million aggregate principal amount of its 6.000% Fixed-Rate Resettable Junior Subordinated Notes due 2054 (the "notes").
The notes will be fully and unconditionally guaranteed by certain subsidiaries of the Issuer that are obligors under the Issuer's outstanding debt securities. The Offering is expected to close on October 10, 2024, subject to customary closing conditions.
The notes will bear interest at a fixed rate of 6.000% per year until December 15, 2034 (the "First Reset Date"). On and after the First Reset Date, the interest rate on the notes for each reset period will be equal to the five-year U.S. Treasury rate as of the most recent reset interest rate determination date, plus a spread of 2.168%. Subject to Apollo's right to defer the payment of interest, interest on the notes will be payable semi-annually in arrears on June 15 and December 15 of each year, commencing on June 15, 2025.
The net proceeds from the Offering will be approximately $495 million, after deducting underwriting discounts but before Offering expenses. Apollo intends to use the proceeds from the Offering for general corporate purposes, including to redeem in full the $300 million aggregate principal amount outstanding of Apollo Management Holdings, L.P.'s 4.950% Fixed-Rate Resettable Subordinated Notes due 2050 (the "2050 Subordinated Notes") and to pay related fees and expenses in connection with the Offering and the redemption of the 2050 Subordinated Notes.
J.P. Morgan Securities LLC, BofA Securities, Inc., Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC are acting as joint book-running managers for the Offering. Apollo Global Securities, LLC, Academy Securities, Inc., HSBC Securities (USA) Inc., MUFG Securities Americas Inc., R. Seelaus & Co., LLC, SG Americas Securities, LLC ...
