Published on 3/8/2018 in the Prospect News Investment Grade Daily.
New Issue: Apollo Management prices $300 million of 5% 30-year notes at 99.892
By Devika Patel
Knoxville, Tenn., March 8 – Apollo Global Management LLC subsidiary Apollo Management Holdings, LP priced $300 million of 5% 30-year senior notes (Baa2/BBB) on Thursday at a spread of 140 basis points over Treasuries, according to an 8-K filed with the Securities and Exchange Commission.
The Rule 144A and Regulation S notes priced at 99.892.
BofA Merrill Lynch, Goldman Sachs & Co., Wells Fargo Securities LLC and Scotia Capital (USA) Inc. were the bookrunners.
The notes will be guaranteed by Apollo Principal Holdings I, LP, Apollo Principal Holdings II, LP, Apollo Principal Holdings III, LP, Apollo Principal Holdings IV, LP, Apollo Principal Holdings V, LP, Apollo Principal Holdings VI, LP, Apollo Principal Holdings VII, LP, Apollo Principal Holdings VIII, LP, Apollo Principal Holdings IX, LP, Apollo Principal Holdings X, LP, Apollo Principal Holdings XI, LLC, Apollo Principal Holdings XII, LP and AMH Holdings (Cayman), LP.
Proceeds will be used with cash on hand to repay the company’s term loan facility under its credit agreement and for general corporate purposes.
Apollo is a New York-based alternative investment manager.
| Issuer: | Apollo Management Holdings, LP
|
| Guarantors: | Apollo Principal Holdings I, LP, Apollo Principal Holdings II, LP, Apollo Principal Holdings III, LP, Apollo Principal Holdings IV, LP, Apollo Principal Holdings V, LP, Apollo Principal Holdings VI, LP, Apollo Principal Holdings VII, LP, Apollo Principal Holdings VIII, LP, Apollo Principal Holdings IX, LP, Apollo Principal Holdings X, LP, Apollo Principal Holdings XI, LLC, Apollo Principal Holdings XII, LP and AMH Holdings (Cayman), LP
|
| Amount: | $300 million
|
| Description: | Senior notes
|
| Maturity: | 2048
|
| Bookrunners: | BofA Merrill Lynch, Goldman Sachs & Co., Wells Fargo Securities LLC and Scotia Capital (USA) Inc.
|
| Coupon: | 5%
|
| Price: | 99.892
|
| Spread: | 140 bps over Treasuries
|
| Trade date: | March 8
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Distribution: | Rule 144A, Regulation S
|
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