New Issue: Apollo Management prices $300 million 4.95% notes due 2050

By Cristal Cody

Tupelo, Miss., Dec. 10 – Apollo Management Holdings LP priced $300 million of 4.95% guaranteed resettable subordinated notes due Jan. 14, 2050 (BBB+/BBB+) at a spread of 326.6 basis points over Treasuries on Tuesday, according to a market source.

Initial price talk was in the 5.25% area.

BofA Securities, Inc., Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC were the bookrunners of the Rule 144A and Regulation S transaction.

The notes are guaranteed by 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, Apollo Principal Holdings X LP, Apollo Principal Holdings XI LLC, Apollo Principal Holdings XII LP and AMH Holdings (Cayman) LP.

Proceeds from the deal will be used for general corporate purposes, which may include partially financing the purchase of $350 million of Athene Holding Ltd.’s class A common shares.

Apollo Management is an indirect subsidiary of New York City-based Apollo Global Management, Inc.

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:	Resettable subordinated notes
Maturity:	Jan. 14, 2050
Bookrunners:	BofA Securities, Inc., Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC
Coupon:	4.95%
Spread:	Treasuries plus 326.6 bps
Trade date:	Dec. 10
Ratings:	S&P: BBB+
	Fitch: BBB+
Distribution:	Rule 144A and Regulation S
Price guidance:	5.25% area

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