Apollo Prices Offering of Senior Notes

Rhea-AI Summary

Apollo Global Management (NYSE: APO) priced $750 million of 5.700% Senior Notes due 2036, expected to close on March 30, 2026. The notes pay semiannual interest on March 30 and September 30, starting September 30, 2026, and are guaranteed by certain subsidiaries.

Net proceeds are expected to be approximately $745 million. Apollo intends to use proceeds to repurchase, repay or retire in full the $500 million aggregate principal amount of its 4.400% Senior Notes due 2026 and to pay related fees and expenses.

Positive

• $750 million senior note issuance at 5.700% coupon
• Net proceeds of approximately $745 million
• Proceeds earmarked to retire $500 million 2026 notes
• Notes fully guaranteed by certain subsidiaries

Negative

• Coupon increases 130 bps versus the 4.400% 2026 notes
• Net incremental debt of roughly $250 million after retirement

Key Figures

Senior Notes Size: $750 million Coupon Rate: 5.700% per annum Maturity: 2036 +5 more

8 metrics

Senior Notes Size $750 million Aggregate principal amount of 5.700% Senior Notes due 2036

Coupon Rate 5.700% per annum Interest rate on Senior Notes due 2036

Maturity 2036 Maturity year of new Senior Notes

Net Proceeds $745 million Approximate net proceeds after underwriting discount

Refinanced Notes $500 million Principal of 4.400% Senior Notes due 2026 to be retired

Legacy Coupon 4.400% per annum Coupon on 2026 Senior Notes to be repaid or redeemed

Interest Payments Semi-annual Payable March 30 and September 30, starting September 30, 2026

Offering Close Date March 30, 2026 Expected closing date subject to customary conditions

Market Reality Check

Price: $109.80 Vol: Volume 5,196,359 is at ab...

normal vol

$109.80 Last Close

Volume Volume 5,196,359 is at about 0.73x the 20-day average, indicating subdued trading interest ahead of the debt pricing. normal

Technical Shares at 109.8 are trading below the 200-day MA of 133.77, reflecting a weaker intermediate trend into this offering.

Peers on Argus

APO is up 0.72% while key peers are mixed: BAM up 0.32%, but BN, ARES, KKR, and ...

APO is up 0.72% while key peers are mixed: BAM up 0.32%, but BN, ARES, KKR, and AMP show declines, pointing to a stock-specific reaction rather than a sector-wide move.

Previous Offering Reports

3 past events · Latest: Nov 05 (Neutral)

Same Type Pattern 3 events

Date	Event	Sentiment	Move	Catalyst
Nov 05	Debt offering	Neutral	-3.6%	Priced $400M 2031 and $350M 2035 senior notes for general purposes.
Aug 07	Debt offering	Neutral	+0.6%	Priced $500M 2035 senior notes to fund Bridge acquisition-related repayment.
May 16	Debt offering	Neutral	-2.3%	Announced $750M 2054 senior notes for general corporate purposes.

Pattern Detected

Prior senior notes offerings have typically seen modest single-day moves, with a slight negative average reaction, suggesting debt deals have not been major upside catalysts.

Recent Company History

Over the past year, Apollo has repeatedly tapped debt markets, including offerings in May 2024, August 2025, and November 2025. These prior senior notes deals featured coupons between 4.600% and 5.800%, with net proceeds in the $495.5M–$743.4M range for general corporate purposes. Price reactions were modest (from -3.57% to 0.61%), framing today’s 2036 notes pricing within an established funding pattern.

Historical Comparison

-1.7% avg move · In the past, Apollo’s three senior notes offerings tagged as “offering” produced an average one-day ...

offering

-1.7%

Average Historical Move offering

In the past, Apollo’s three senior notes offerings tagged as “offering” produced an average one-day move of about -1.74%, indicating historically mild, slightly negative reactions to similar debt financings.

Apollo has repeatedly issued senior notes from 2024–2026, using proceeds primarily for general corporate purposes and liability management, showing a consistent funding approach.

Market Pulse Summary

This announcement details a $750 million offering of 5.700% Senior Notes due 2036, with net proceeds...

Analysis

This announcement details a $750 million offering of 5.700% Senior Notes due 2036, with net proceeds of about $745 million earmarked for general corporate purposes and retiring $500 million of 4.400% 2026 notes. The deal follows several prior senior note offerings, suggesting a consistent liability-management strategy. Investors may watch how leverage evolves over time and how frequently Apollo returns to debt markets for similar financings.

Key Terms

senior notes, aggregate principal amount, underwriting discount, in arrears, +2 more

6 terms

senior notes financial

"Apollo ... announced that it has priced an offering ... of $750 million ... Senior Notes due 2036"

Senior notes are a type of loan that a company borrows from investors, promising to pay it back with interest. They are called "senior" because in case the company faces financial trouble, these lenders are paid back before others. This makes senior notes safer for investors compared to other types of loans or bonds.

aggregate principal amount financial

"an offering ... of $750 million aggregate principal amount of its 5.700% Senior Notes"

The aggregate principal amount is the total amount of money borrowed through a bond or loan that the borrower promises to repay. It’s like the original price tag on a loan or bond, showing how much money is involved in the deal. This number matters because it indicates the size of the debt and helps investors understand the scale of the borrowing.

underwriting discount financial

"The net proceeds from the Offering will be approximately $745 million, after deducting the underwriting discount"

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.

in arrears financial

"The notes will bear interest ... payable semi-annually in arrears on March 30 and September 30"

In arrears means a payment that was due has not been made on time, or that payments are scheduled to be made after the period they cover (for example, paying interest at the end of a month rather than at the start). For investors, arrears matter because they indicate possible cash-flow strain or higher credit risk and change when income or expenses are recognized—like a landlord not getting rent when expected, which can signal trouble or alter available cash.

shelf registration statement regulatory

"The Offering is being made pursuant to an effective shelf registration statement on file with the U.S. Securities and Exchange Commission"

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

"The Offering is being 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.

AI-generated analysis. Not financial advice.

NEW YORK, March 25, 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 $750 million aggregate principal amount of its 5.700% Senior Notes due 2036 (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 March 30, 2026, subject to the satisfaction of customary closing conditions.

The notes will bear interest at a rate of 5.700% per annum, payable semi-annually in arrears on March 30 and September 30 of each year, commencing on September 30, 2026.

The net proceeds from the Offering will be approximately $745 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 repurchase, repay, redeem or otherwise retire in full the $500 million aggregate principal amount outstanding of Apollo Management Holdings, L.P.’s 4.400% Senior Notes due 2026 (the “2026 Senior Notes”), before or upon their maturity, and to pay related fees and expenses in connection with the Offering and the use of proceeds therefrom.

BofA Securities, Goldman Sachs & Co. LLC, J.P. Morgan and Morgan Stanley are acting as joint book-running managers for the Offering. Apollo Global Securities, Mizuho, MUFG, R. Seelaus & Co., LLC, Ramirez & Co., Inc., SOCIETE GENERALE and US 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: BofA Securities, Inc., telephone: 1-800-294-1322; Goldman Sachs & Co. LLC, telephone: 1-866-471-2526; J.P. Morgan Securities LLC, telephone: 1-212-834-4533; or Morgan Stanley & Co. LLC, telephone: 1-866-718-1649.

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. This press release shall not constitute a notice of redemption with respect to the 2026 Senior Notes.

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

What did Apollo (APO) announce about the March 25, 2026 senior notes offering?

Apollo priced $750 million of 5.700% Senior Notes due 2036, expected to close March 30, 2026. According to the company, net proceeds are about $745 million after underwriting discount, and certain subsidiaries will guarantee the notes.

How will Apollo (APO) use proceeds from the $750 million 2036 notes offering?

Apollo intends to use proceeds to repurchase, repay or otherwise retire $500 million of 4.400% Senior Notes due 2026. According to the company, remaining proceeds will cover fees and general corporate purposes.

When will Apollo (APO) pay interest on the new 5.700% Senior Notes due 2036?

Interest on the notes is paid semiannually on March 30 and September 30, beginning September 30, 2026. According to the company, coupon is fixed at 5.700% per annum.

What is the expected closing date and regulatory filing for Apollo's (APO) notes offering?

The Offering is expected to close on March 30, 2026, subject to customary conditions. According to the company, the offering is made under an effective SEC shelf registration and prospectus.

Does the new Apollo (APO) debt increase net leverage after retiring 2026 notes?

Yes; the $750 million issuance to retire $500 million implies roughly $250 million net new proceeds. According to the company, net proceeds are approximately $745 million, before offering expenses.