New Issue: Apollo Management prices upsized $500 million 4% 10-year notes at 152 bps over Treasuries

By Aleesia Forni

Virginia Beach, May 27 - Apollo Management Holdings LP, an indirect subsidiary of Apollo Global Management LLC, priced an upsized $500 million of 4% senior notes due 2024 at 99.772 to yield 4.034%, or Treasuries plus 152 basis points, according to a market source and a company release.

The notes (/A/A-) were sold via Rule 144A and Regulation S.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC, BofA Merrill Lynch, Barclays, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., Morgan Stanley & Co. LLC, RBC Capital markets LLC, UBS Securities LLC and Wells Fargo Securities LLC were the joint bookrunners.

The size of the offering was increased from $300 million.

Proceeds will be used to repay a portion of the company's outstanding term loans under its existing credit facilities.

Any remaining net proceeds will be used for general corporate purposes.

The notes are guaranteed by Apollo's indirect subsidiaries 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 and AMH Holdings (Cayman), LP.

Apollo is a global alternative investment manager based in New York.

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, AMH Holdings (Cayman), LP
Amount:	$500 million, upsized from $300 million
Description:	Senior notes
Maturity:	May 30, 2024
Bookrunners:	Citigroup Global Markets Inc., J.P. Morgan Securities LLC, BofA Merrill Lynch, Barclays, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., Morgan Stanley & Co. LLC, RBC Capital markets LLC, UBS Securities LLC, Wells Fargo Securities LLC
Coupon:	4%
Price:	99.722
Yield:	3.034%
Spread:	Treasuries plus 152 bps
Trade date:	May 27
Settlement date:	May 30
Ratings:	Standard & Poor's: A
	Fitch: A-
Price talk:	Treasuries plus 155 bps area
Change-of-control put:	101%
Distribution:	Rule 144A, Regulation S

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