Apollo Global Management, Inc. (NYSE: APO) (the “Issuer” and,
together with its consolidated subsidiaries, “Apollo”) today
announced that it has priced an offering of $500 million aggregate
principal amount of its 6.375% Senior Notes due 2033 (the “notes”).
The notes will be fully and unconditionally
guaranteed by Apollo Asset Management, Inc., Apollo Principal
Holdings I, L.P., Apollo Principal Holdings II, L.P., Apollo
Principal Holdings III, L.P., Apollo Principal Holdings IV, L.P.,
Apollo Principal Holdings V, L.P., Apollo Principal Holdings VI,
L.P., Apollo Principal Holdings VII, L.P., Apollo Principal
Holdings VIII, L.P., Apollo Principal Holdings IX, L.P., Apollo
Principal Holdings X, L.P., Apollo Principal Holdings XII, L.P.,
AMH Holdings (Cayman), L.P. and Apollo Management Holdings, L.P.
(“AMH”). The offering is expected to close on November 13, 2023,
subject to customary closing conditions.
The notes will bear interest at a rate of 6.375%
per annum, payable semi-annually in arrears on May 15 and November
15 of each year, commencing on May 15, 2024.
The net proceeds from the offering will be
approximately $493.1 million, after deducting underwriting
discounts but before offering expenses. Apollo intends to use the
proceeds from the offering to repurchase, repay, redeem or
otherwise retire in full the $500 million aggregate principal
amount outstanding of the 4.000% Senior Notes due 2024 issued by
AMH (the “2024 Senior Notes”) before or upon their maturity and pay
related fees and expenses.
BofA Securities, Inc., Citigroup Global Markets
Inc., Goldman Sachs & Co. LLC and RBC Capital Markets, LLC are
acting as joint book-running managers. Academy Securities, Inc.,
Apollo Global Securities, LLC, Barclays Capital Inc., BNP Paribas
Securities Corp., Deutsche Bank Securities Inc., J.P. Morgan
Securities LLC, Mizuho Securities USA LLC, Morgan Stanley & Co.
LLC, Siebert Williams Shank & Co., LLC and UBS Securities LLC
are acting as co-managers for the offering.
The offering is being made pursuant to an
effective shelf registration statement on file with the U.S.
Securities and Exchange Commission (the “SEC”). The offering is
being made by means of a prospectus and related preliminary
prospectus supplement only. An electronic copy of the preliminary
prospectus supplement, together with the accompanying prospectus,
is available on the SEC’s website at www.sec.gov. Alternatively,
copies of the preliminary prospectus supplement and accompanying
prospectus may be obtained by contacting the joint book-running
managers: BofA Securities, Inc., telephone: 1-800-294-1322;
Citigroup Global Markets Inc., telephone: 1-800-831-9146; Goldman
Sachs & Co. LLC, telephone: 1-866-471-2526; or RBC Capital
Markets, LLC, telephone: 1-866-375-6829.
This press release shall not constitute an offer
to sell or a solicitation of an offer to purchase the notes or any
other securities, and shall not constitute an offer, solicitation
or sale in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful. This press release shall
not constitute a notice of redemption with respect to the 2024
Senior Notes.
Forward-Looking Statements
In this press release, references to “Apollo,”
“we,” “us,” “our” and the “Company” refer collectively to Apollo
Global Management, Inc. and its subsidiaries, or as the context may
otherwise require. This press release may contain forward-looking
statements that are within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These statements
include, but are not limited to, discussions related to Apollo’s
expectations regarding the completion of, and the use of proceeds
from, the sale of the notes, the performance of its business, its
liquidity and capital resources and the other non-historical
statements in the discussion and analysis. These forward-looking
statements are based on management’s beliefs, as well as
assumptions made by, and information currently available to,
management. When used in this press release, the words “believe,”
“anticipate,” “estimate,” “expect,” “intend,” “target” or future or
conditional verbs, such as “will,” “should,” “could,” or “may,” and
variations of such words or similar expressions are intended to
identify forward-looking statements. Although management believes
that the expectations reflected in these forward-looking statements
are reasonable, it can give no assurance that these expectations
will prove to have been correct. These statements are subject to
certain risks, uncertainties and assumptions, including risks
relating to inflation, market conditions and interest rate
fluctuations generally, the impact of COVID-19, the impact of
energy market dislocation, our ability to manage our growth, our
ability to operate in highly competitive environments, the
performance of the funds we manage, our ability to raise new funds,
the variability of our revenues, earnings and cash flow, the
accuracy of management’s assumptions and estimates, our dependence
on certain key personnel, our use of leverage to finance our
businesses and investments by the funds we manage, the ability of
Athene Holding Ltd. (“Athene”) to maintain or improve financial
strength ratings, the impact of Athene’s reinsurers failing to meet
their assumed obligations, Athene’s ability to manage its business
in a highly regulated industry, changes in our regulatory
environment and tax status, and litigation risks, among others. We
believe these factors include but are not limited to those
described under the section entitled “Risk Factors” in the Issuer’s
annual report on Form 10-K filed with the SEC on March 1, 2023 and
the Issuer’s quarterly report on Form 10-Q filed with the SEC on
November 7, 2023, as such factors may be updated from time to time
in the Issuer’s periodic filings with the SEC, which are accessible
on the SEC’s website at www.sec.gov. These factors should not be
construed as exhaustive and should be read in conjunction with the
other cautionary statements that are included in this press release
and in the Issuer’s other filings with the SEC. We undertake no
obligation to publicly update or review any forward-looking
statements, whether as a result of new information, future
developments or otherwise, except as required by applicable law.
This press release does not constitute an offer of Apollo or any
Apollo fund.
Contacts
Noah Gunn Global Head of Investor RelationsApollo Global
Management, Inc.(212) 822-0540IR@apollo.com
Joanna RoseGlobal Head of Corporate CommunicationsApollo Global
Management, Inc.(212) 822-0491Communications@apollo.com
Apollo Global Management (NYSE:APO)
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