Apollo Global talks $150 million non-cumulative preferred shares with dividend in 6.375% area

By Abigail W. Adams

Portland, Me., March 12 – Apollo Global Management LLC plans to price a $150 million offering of perpetual par-$25 series B non-cumulative preferred shares after the market close on Monday with price talk for a dividend in the 6.375% area, according to a market source and a 424B5 filing with the Securities and Exchange Commission.

BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC are bookrunners for the offering, which carries a greenshoe.

The preferred shares are freely callable at par plus declared unpaid dividends after March 15, 2023. The preferred shares may be called in whole prior to March 15, 2023 upon a change of control, tax exemption or rating agency event at $25.25 plus declared unpaid dividends.

If notice of redemption is not given upon a change of control, the distribution rate will increase by 5%, according to the preliminary prospectus.

Proceeds will be used for general corporate purposes and to fund acquisitions and investments.

The series B preferred shares will be listed on the New York Stock Exchange under the symbol “APOPrB.”

Apollo Global Management is a New York-based alternative investment manager.

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