Apollo Global Mgmt Inc Stock Price, News & Analysis

Concord has successfully closed an $850 million asset-backed securitization (ABS) backed by its music catalog, marking its third securitization offering. The notes are secured by royalties from a catalog of over one million songs, including works by renowned artists like The Beatles, Carrie Underwood, and The Rolling Stones. The catalog is valued at more than $5 billion, resulting in a 52% loan-to-value ratio. Apollo (NYSE: APO), through its Capital Solutions business, structured the ABS and led the investor syndicate. The notes received ratings of A+ from KBRA and A2 from Moody's. Proceeds will be used to retire the private 2023-1 note issuance, fund acquisitions, and support growth.

Barnes Group Inc. (NYSE: B) reported third quarter 2024 financial results with sales of $388 million, up 7% year-over-year with organic growth of 4%. The company posted a net loss of $2.1 million, or -$0.04 per share, while adjusted EPS was $0.09. Notable highlights include strong Aerospace performance with a 49% increase in segment sales to $232 million and a significant OEM backlog of $1.80 billion. The company recently announced its pending acquisition by Apollo Funds for $47.50 per share in cash, valuing Barnes at approximately $3.6 billion enterprise value.

CX360, Inc. (Mosaicx), a conversational AI pioneer, supports the FCC's decision to require georouting for wireless calls to the 988 Suicide & Crisis Lifeline. This regulation enables localized care while maintaining the Lifeline's centralized routing system. Mosaicx provides the intelligent routing technology that supports both georouting and routing of calls, ensuring specialized crisis care for diverse communities.

Rebecca Jones, president of Mosaicx, expressed gratitude for the FCC's decision, emphasizing its commitment to quickly implementing georouting benefits for help seekers. Mosaicx's partnership with Vibrant Emotional Health, the 988 Lifeline network administrator, continues to advance the accessibility and efficiency of this vital resource.

Apollo (NYSE: APO) has announced that it will release its financial results for the third quarter of 2024 on Tuesday, November 5, 2024, before the opening of trading on the New York Stock Exchange. The company's management will conduct a review of the financial results at 8:30 am ET via a public webcast accessible on Apollo's Investor Relations website at ir.apollo.com. A replay of the webcast will be available one hour after the event.

Apollo distributes its earnings releases through its website and email lists. Interested parties can sign up to receive firm updates by email on the company's website.

SCI Capital Partners LP has closed a $1.6 billion structured continuation vehicle transaction with Apollo Funds (NYSE: APO) to support the growth of Morton Salt and Reddy Ice. SCI will maintain control of both companies while benefiting from Apollo's strategic support and expertise. The transaction includes participation from new institutional investors, with SCI legacy investors and company management teams remaining significant investors.

Morton Salt is the largest pure-play salt company globally, while Reddy Ice is the largest packaged ice manufacturer in the United States. Reddy Ice recently made its first international acquisition of Aguafría, the largest ice manufacturer in Mexico. The partnership aims to execute long-term strategic operating plans and pursue organic and inorganic value creation initiatives for both companies.

Barnes Group Inc. (NYSE: B) has announced an agreement to be acquired by funds managed by affiliates of Apollo Global Management, Inc. (NYSE: APO) in an all-cash transaction valued at approximately $3.6 billion. Barnes shareholders will receive $47.50 per share in cash, representing a premium of about 22% over Barnes' undisturbed closing share price on June 25, 2024.

The transaction, expected to close before the end of Q1 2025, is subject to approval by Barnes shareholders and regulatory approvals. Upon completion, Barnes will become a privately held company but continue to operate under the Barnes Group name and brand. The Barnes Board of Directors unanimously approved the agreement and recommends shareholders vote in favor.

As a result of this pending transaction, Barnes has suspended its financial guidance for the full year 2024 and will not conduct its third quarter 2024 conference call and webcast.

Apollo Global Management (NYSE: APO) has priced an offering of $500 million in 6.000% Fixed-Rate Resettable Junior Subordinated Notes due 2054. The notes will bear interest at 6.000% per year until December 15, 2034, after which the rate will reset based on the five-year U.S. Treasury rate plus a 2.168% spread. Interest payments will be semi-annual, starting June 15, 2025.

The offering is expected to close on October 10, 2024, with net proceeds of approximately $495 million. Apollo plans to use the proceeds for general corporate purposes, including redeeming $300 million of Apollo Management Holdings' 4.950% Fixed-Rate Resettable Subordinated Notes due 2050. The offering is being made through a shelf registration statement filed with the SEC, with J.P. Morgan Securities, BofA Securities, Citigroup Global Markets, and Goldman Sachs & Co. as joint book-running managers.

Mosaicx, a conversational AI pioneer, has partnered with Vibrant Emotional Health to enhance the 988 Suicide & Crisis Lifeline with new georouting capabilities. This technology allows for more accurate location-based connectivity, improving crisis care accessibility. The georouting solution identifies the county from which a call originates, connecting help seekers to geographically appropriate crisis call centers while protecting their privacy.

Rebecca Jones, president of Mosaicx, emphasized the importance of this functionality in connecting help seekers to localized support. Grant Riewe, CTO of Vibrant, praised Mosaicx as a trusted partner available 24/7, 365 days a year. The collaboration aims to revolutionize telephony in the United States to provide better access to crisis mental health care.

Apollo (NYSE: APO) has announced a new agreement to provide approximately €1 billion to acquire a minority stake in one of Vonovia's affiliates. This marks the third transaction between Apollo and Vonovia, following two previous €1 billion deals in 2023 related to Vonovia's real estate portfolios in Southwest and Northern Germany. The total arranged commitments from Apollo affiliates and funds to Vonovia entities now reach €3 billion.

This transaction is part of Apollo's High Grade Capital Solutions strategy, which has originated nearly $100 billion of bespoke capital solutions for leading companies since 2020. Apollo emphasizes its ability to provide scaled solutions to large corporations and retirement services companies, leveraging its structuring, investment, and syndication capabilities.