Apollo sets terms for $600 million junior subordinated debt issue
Apollo Global Management priced $600 million of junior subordinated notes due 2056 on November 09, 2026. The securities carry a 7.550% annual coupon through December 15, 2036, after which the rate will track the five-year U.S. Treasury rate plus 2.672%. Apollo expects the transaction to settle on November 13, 2026, and estimates net proceeds of approximately $594 million for corporate needs, including its investment in Mubadala Capital Asset Management.
Why it matters
The transaction provides Apollo with approximately $594 million of funding while adding long-term subordinated debt. The notes' interest cost will become variable after December 15, 2036, subject to the stated Treasury benchmark and spread.
Key facts
- 1The offering has $600 million of aggregate principal amount and matures in 2056. finance.yahoo.com
- 2The notes pay 7.550% annually through December 15, 2036, then reset using the five-year U.S. Treasury rate plus 2.672%. finance.yahoo.com
- 3Apollo expects the offering to close on November 13, 2026, subject to customary closing conditions. finance.yahoo.com
- 4Estimated net proceeds are approximately $594 million after the underwriting discount and before offering expenses. finance.yahoo.com
- 5Interest payments are scheduled twice yearly on June 15 and December 15, beginning June 15, 2027. finance.yahoo.com
- 6Certain Apollo subsidiaries that guarantee the issuer's outstanding debt securities will guarantee the notes. finance.yahoo.com
Summary written by AlphAI AI Desk from 2 of 2 sources. Not investment advice. Figures are as stated by the linked sources.