Apollo Completes $600 Million Fixed-Rate Resettable Junior Subordinated Notes Offering

Paul, Weiss advised Apollo Global Management in its offering of $600 million aggregate principal amount of its 7.625% fixed-rate resettable junior subordinate notes due 2053. The notes are fully and unconditionally guaranteed by Apollo Asset Management (AAM) and certain other Apollo subsidiaries. Apollo will use the net proceeds from the offering, together with cash on hand, to redeem in full AAM’s outstanding shares of 6.375% Series A Preferred Stock and 6.375% Series B Preferred Stock. Following the redemption, AAM intends to terminate its separate filings under the Exchange Act. Morgan Stanley & Co. LLC, BofA Securities, Inc., UBS Securities LLC and Wells Fargo Securities, acted as joint bookrunning managers for the offering.

The Paul, Weiss team was led by Christodoulos Kaoutzanis and Gregory Ezring, and included corporate partners Brad Finkelstein, Manuel Frey, Brian Janson and Matthew Goldstein and counsel Patricia Vaz de Almeida and Jason Tyler; tax partner Brian Grieve; intellectual property partner Claudine Meredith-Goujon; and executive compensation partner Jean McLoughlin and counsel Jake Glazeski and Bruce Goldberger.