New Issue: Apollo Global prices $500 million 6.375% notes due 2033 at Treasuries plus 195 bps

By Wendy Van Sickle

Columbus, Ohio, Nov. 8 – Apollo Global Management Inc. priced $500 million of 6.375% 10-year senior notes (expected ratings: A2/A/A) at 99.271 to yield 6.475%, or 195 basis points over Treasuries, on Wednesday, according to an FWP filing with the Securities and Exchange Commission.

The notes will be guaranteed by Apollo Asset Management, Inc., 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 XII, LP, AMH Holdings (Cayman), LP and Apollo Management Holdings, LP.

BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and RBC Capital Markets, LLC are the joint bookrunning managers.

Proceeds will be used to repurchase, repay, redeem or otherwise fully retire Apollo’s $500 million senior notes due 2024 before or upon maturity and to pay related fees and expenses.

Apollo is a New York-based alternative investment manager.

Issuer:	Apollo Global Management Inc.
Guarantors:	Apollo Asset Management, Inc., 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 XII, LP, AMH Holdings (Cayman), LP and Apollo Management Holdings, LP
Amount:	$500 million
Issue:	Senior notes
Maturity:	Nov. 15, 2033
Joint bookrunners:	BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and RBC Capital Markets, LLC
Co-managers:	Academy Securities, Inc., Apollo Global Securities, LLC, Barclays, BNP Paribas Securities Corp., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, Siebert Williams Shank & Co., LLC and UBS Securities LLC
Trustee:	U.S. Bank Trust Co., NA
Counsel to issuer:	Paul, Weiss, Rifkind, Wharton & Garrison LLP and Walkers (Cayman) LLP (Cayman Islands law)
Counsel to underwriters:	Simpson Thacher & Bartlett LLP
Coupon:	6.375%
Price:	99.271
Yield:	6.475%
Spread:	Treasuries plus 195 bps
Call option:	Make-whole call at Treasuries plus 30 bps until Aug. 15, 2033, then a par call
Pricing date:	Nov. 8
Settlement date:	Nov. 13
Expected ratings:	Moody’s: A2
	S&P: A
	Fitch: A
Cusip:	03769MAA4

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