Apollo Prices Offering of Fixed-Rate Resettable Junior Subordinated Notes

Proceeds are intended partly to fund Apollo’s previously announced investment in Mubadala Capital Asset Management.

Rhea-AI Summary

Apollo Global Management (NYSE: APO) has priced a $600 million offering of fixed-rate resettable junior subordinated notes due 2056. Closing is expected on November 13, 2026. The notes carry 7.550% annual interest until December 15, 2036, then reset to the five-year U.S. Treasury rate plus 2.672% for each reset period.

Net proceeds will be approximately $594 million after the underwriting discount but before offering expenses. Apollo intends to use proceeds for general corporate purposes, including funding its previously announced investment in Mubadala Capital Asset Management, and related fees and expenses. Certain subsidiaries that are obligors under Apollo’s outstanding debt securities will fully and unconditionally guarantee the notes.

2 points · 0 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 4 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate point. Forward-looking: it has not happened yet and may not happen.The offering will provide approximately $594 million in net proceeds before offering expenses.
• Minor point. Forward-looking: it has not happened yet and may not happen.Apollo intends to use proceeds partly to fund its previously announced Mubadala Capital Asset Management investment.

Negative

• Moderate point. Forward-looking: it has not happened yet and may not happen.$600 million of junior subordinated debt due 2056 adds a repayment obligation.
• Minor point. Forward-looking: it has not happened yet and may not happen.7.550% annual interest applies until December 15, 2036.
• Minor point. Forward-looking: it has not happened yet and may not happen.Interest resets to the five-year U.S. Treasury rate plus 2.672% on and after December 15, 2036.
• Minor point. Forward-looking: it has not happened yet and may not happen.Offering and related fees and expenses are payable from proceeds.

News Explained

Apollo priced $600 million of notes, with closing expected November 13, 2026, subject to customary conditions. Interest is scheduled semiannually beginning June 15, 2027, but Apollo may defer payment.

Key Figures

Aggregate principal: $600 million Initial interest rate: 7.550% per annum Reset spread: 2.672% +2 more

Aggregate principal

$600 million

Offering of junior subordinated notes

Initial interest rate

7.550% per annum

Fixed rate through December 15, 2036

Reset spread

2.672%

Added to the five-year U.S. Treasury rate after the First Reset Date

Maturity

2056

Notes due 2056

Expected closing

November 13, 2026

Subject to customary closing conditions

Key Terms

junior subordinated notes, shelf registration statement, prospectus supplement, underwriting discount

4 terms

junior subordinated notes financial

"7.550% Fixed-Rate Resettable Junior Subordinated Notes due 2056"

Junior subordinated notes are a type of bond: a loan investors make to a company that ranks low in the repayment order if the company runs into trouble. Because they are paid after other creditors, they usually offer higher interest to compensate for greater risk; think of them as being near the back of the line at a crowded payout window. Investors care because these notes affect potential returns and downside exposure, and they influence a company’s overall borrowing risk and credit profile.

shelf registration statement regulatory

"made pursuant to an effective shelf registration statement on file"

A shelf registration statement is a document a company files with regulators that allows it to sell shares or bonds quickly when it’s a good time to raise money. It’s like having a pre-approved plan ready so the company can act fast without going through lengthy paperwork each time they want to sell, making fundraising more flexible.

prospectus supplement regulatory

"made by means of a prospectus and related preliminary prospectus supplement only"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

underwriting discount financial

"after deducting the underwriting discount but before Offering expenses"

The underwriting discount is the fee that investment banks or broker-dealers keep when they buy securities from an issuer and resell them to the public; it’s the difference between the price paid to the company and the public offering price, shown per share or as a percentage. It matters to investors because it reduces the cash the company actually raises and is a cost built into the deal—like a sales commission—so a larger discount can mean higher issuance costs, tighter returns for new investors, and a signal about how much effort underwriters must expend to sell the offering.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NEW YORK, Nov. 09, 2026 (GLOBE NEWSWIRE) -- Apollo Global Management, Inc. (NYSE: APO) (the “Issuer” and, together with its consolidated subsidiaries, “Apollo”) today announced that it has priced an offering (the “Offering”) of $600 million aggregate principal amount of its 7.550% Fixed-Rate Resettable Junior Subordinated Notes due 2056 (the “notes”).

The notes will be fully and unconditionally guaranteed by certain subsidiaries of the Issuer that are obligors under the Issuer’s outstanding debt securities. The Offering is expected to close on November 13, 2026, subject to the satisfaction of customary closing conditions.

The notes will bear interest at a fixed rate of 7.550% per annum until December 15, 2036 (the “First Reset Date”). On and after the First Reset Date, the interest rate on the notes for each reset period will be equal to the five-year U.S. Treasury rate as of the most recent reset interest rate determination date, plus a spread of 2.672%. Subject to Apollo’s right to defer the payment of interest, interest on the notes will be payable semi-annually in arrears on June 15 and December 15 of each year, commencing on June 15, 2027.

The net proceeds from the Offering will be approximately $594 million, after deducting the underwriting discount but before Offering expenses. Apollo intends to use the proceeds from the Offering for general corporate purposes, including to fund the previously announced investment in Mubadala Capital Asset Management, and to pay related fees and expenses in connection with the Offering and the use of proceeds therefrom.

J.P. Morgan, BofA Securities, Morgan Stanley and Wells Fargo Securities are acting as joint book-running managers for the Offering. Apollo Global Securities, Academy Securities, Barclays, BNP Paribas, Deutsche Bank Securities, RBC Capital Markets, Siebert Williams Shank and U.S. Bancorp are acting as co-managers for the Offering.

The Offering is being made pursuant to an effective shelf registration statement on file with the U.S. Securities and Exchange Commission (the “SEC”). The Offering is being made by means of a prospectus and related preliminary prospectus supplement only. An electronic copy of the preliminary prospectus supplement, together with the accompanying prospectus, is available on the SEC’s website at www.sec.gov. Alternatively, copies of the preliminary prospectus supplement and accompanying prospectus may be obtained by contacting the joint book-running managers: J.P. Morgan Securities LLC, telephone: 1-212-834-4533; BofA Securities, Inc., telephone: 1-800-294-1322; Morgan Stanley & Co. LLC, telephone: 1-866-718-1649; or Wells Fargo Securities, telephone: 1-800-645-3751 .

This press release shall not constitute an offer to sell or a solicitation of an offer to purchase the notes or any other securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

Forward-Looking Statements

In this press release, references to “Apollo,” “we,” “us,” “our” and the “Company” refer collectively to Apollo Global Management, Inc. and its subsidiaries, or as the context may otherwise require. This press release may contain forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, discussions related to Apollo’s expectations regarding the completion of, and the use of proceeds from, the sale of the notes, the performance of its business, its liquidity and capital resources and the other non-historical statements in the discussion and analysis. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this press release, the words “believe,” “anticipate,” “estimate,” “expect,” “intend,” “target” or future or conditional verbs, such as “will,” “should,” “could,” or “may,” and variations of such words or similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are subject to certain risks, uncertainties and assumptions, including risks relating to inflation, interest rate fluctuations and market conditions generally, international trade barriers, domestic or international political developments and other geopolitical events, including geopolitical tensions and hostilities, the impact of energy market dislocation, our ability to manage our growth, our ability to operate in highly competitive environments, the performance of the funds we manage, our ability to raise new funds, the variability of our revenues, earnings and cash flow, the accuracy of management’s assumptions and estimates, our dependence on certain key personnel, our use of leverage to finance our businesses and investments by the funds we manage, the ability of Athene Holding Ltd. (“Athene”) to maintain or improve financial strength ratings, the impact of Athene’s reinsurers failing to meet their assumed obligations, Athene’s ability to manage its business in a highly regulated industry, changes in our regulatory environment and tax status, and litigation risks, among others. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in the Issuer’s annual report on Form 10-K filed with the SEC on February 25, 2026, as such factors may be updated from time to time in the Issuer’s periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in the Issuer’s other filings with the SEC. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. This press release does not constitute an offer of Apollo or any Apollo fund.

Contacts

For investors please contact:

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
communications@apollo.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When is Apollo’s junior subordinated notes offering expected to close?

The offering is expected to close on November 13, 2026, subject to satisfaction of customary closing conditions.

When will Apollo pay interest on its new junior subordinated notes?

Interest will be payable semi-annually in arrears on June 15 and December 15, starting June 15, 2027, subject to Apollo’s right to defer interest payments.