APO Raises $500M in 10-Year Notes to Refinance Bridge LLC Debt

Rhea-AI Filing Summary

Apollo Global Management issued $500,000,000 of 5.150% Senior Notes due 2035 on August 12, 2025. The Notes accrue interest at 5.150% per year, payable semi-annually on February 12 and August 12 of each year beginning February 12, 2026, and will mature on August 12, 2035 unless earlier redeemed or repurchased. The debt was issued under an indenture with U.S. Bank Trust Company, National Association as trustee.

The company stated it will use proceeds for general corporate purposes, including to repay, upon the consummation of the acquisition of Bridge Investment Group Holdings Inc., all issued and outstanding senior secured notes of Bridge Investment Group Holdings LLC and certain other indebtedness, and to pay related fees and expenses. The Notes were sold under an effective Form S-3 shelf registration and were underwritten by Citigroup, BofA Securities, Barclays and Goldman Sachs; legal opinion from Paul, Weiss is filed as an exhibit.

Positive

• $500,000,000 in proceeds available to fund the acquisition-related repayment of Bridge LLC indebtedness and other corporate purposes
• Notes issued under an effective Form S-3 shelf, indicating registration and market access
• Underwritten by major banks (Citigroup, BofA Securities, Barclays, Goldman Sachs), supporting distribution and execution

Negative

• Creates a $500,000,000 senior note obligation payable through 2035, increasing the company's long-term debt burden
• The Notes carry a fixed 5.150% coupon, which will generate semi-annual interest expense beginning February 12, 2026
• Repayment of Bridge LLC senior secured notes is contingent on consummation of the acquisition, so timing and effect on consolidated leverage are not disclosed here

Insights

Debt Capital Markets Analyst

TL;DR: Apollo raised $500M of 10-year senior notes at a 5.150% coupon to fund corporate needs and repay Bridge LLC debt upon acquisition.

The issuance increases Apollo's outstanding senior unsecured obligations by $500,000,000 with a fixed coupon of 5.150% and a 2035 maturity, creating predictable semi-annual interest obligations starting February 12, 2026. Being issued pursuant to an effective Form S-3 shelf and syndicated by major underwriting banks supports market access and distribution. The stated use of proceeds is explicit: repay Bridge LLC senior secured notes and other indebtedness upon closing of the acquisition, and cover fees and expenses, which aligns financing to a specific transaction rather than general liquidity needs alone. This is material to Apollo's liability profile but is a routine capital markets transaction.

M&A / Corporate Finance Specialist

TL;DR: The note proceeds are earmarked to facilitate Apollo's planned acquisition by refinancing Bridge LLC debt, tying capital markets activity to a specific transaction.

The filing shows the company structured long-dated financing to support a contemplated acquisition of Bridge Investment Group Holdings Inc., intending to repay Bridge LLC's senior secured notes and other indebtedness upon consummation. The linkage of proceeds to the acquisition is explicit and documented via the prospectus supplement and underwriting agreement exhibits. Legal opinions and the indenture are filed as exhibits, ensuring the offering's documentation is in place. Overall, the move is transaction-focused and disclosed transparently, without additional operating metrics provided in this report.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): August 12, 2025

Apollo Global Management, Inc.

(Exact name of registrant as specified in its charter)

Delaware		001-41197		86-3155788
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

9 West 57th Street, 42nd Floor

New York, New York 10019

(Address of principal executive offices) (Zip Code)

(212) 515-3200

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former Name or Former Address, If Changed since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		APO		New York Stock Exchange
6.75% Series A Mandatory Convertible Preferred Stock		APO PR A		New York Stock Exchange
7.625% Fixed-Rate Resettable Junior Subordinated Notes due 2053		APOS		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry into a Material Definitive Agreement.

On August 12, 2025, Apollo Global Management, Inc. (the “Company”) issued $500,000,000 aggregate principal amount of its 5.150% Senior Notes due 2035 (the “Notes”) pursuant to a previously announced underwritten public offering (the “Offering”). The Notes were issued pursuant to an indenture, dated as of August 12, 2025 (the “Indenture”), among the Company, each of the guarantors named therein and U.S. Bank Trust Company, National Association, as trustee. The Indenture is filed as Exhibit 4.1 hereto, and is incorporated by reference herein.

The Notes will bear interest at a rate of 5.150% per annum and will mature on August 12, 2035, unless earlier redeemed or repurchased. Interest on the Notes accrues from and including August 12, 2025 and is payable semi-annually in arrears on February 12 and August 12 of each year, commencing on February 12, 2026.

The Company intends to use the proceeds from the Offering for general corporate purposes, including to repay, upon the consummation of the acquisition of Bridge Investment Group Holdings Inc., all issued and outstanding senior secured notes of Bridge Investment Group Holdings LLC (“Bridge LLC”) (collectively, the “Bridge Senior Notes”) and certain other indebtedness of Bridge LLC, and to pay related fees and expenses in connection with the Offering and the use of proceeds therefrom. The information contained in this Current Report on Form 8-K does not constitute a notice of redemption with respect to the Bridge Senior Notes.

The Notes were sold pursuant to an effective automatic shelf registration statement on Form S-3 (the “Registration Statement”) (File No. 333-271275) filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 14, 2023. The terms of the Offering are described in a Prospectus dated April 14, 2023, as supplemented by a Prospectus Supplement dated August 7, 2025. The closing of the sale of the Notes occurred on August 12, 2025.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information contained in Item 1.01 of this Current Report on Form 8-K is hereby incorporated by reference into this Item 2.03.

Item 8.01 Other Events.

The information set forth above under Item 1.01 of this Current Report on Form 8-K is hereby incorporated by reference into this Item 8.01.

Underwriting Agreement

In connection with the issuance and sale of the Notes, the Company entered into an underwriting agreement, dated August 7, 2025 (the “Underwriting Agreement”), with Citigroup Global Markets Inc., BofA Securities, Inc., Barclays Capital Inc. and Goldman Sachs & Co. LLC, as representatives of the several underwriters named therein, relating to the Notes. The Underwriting Agreement is filed as Exhibit 1.1 hereto and is incorporated by reference herein.

Opinion of Counsel

The opinion of Paul, Weiss, Rifkind, Wharton & Garrison LLP, relating to the validity of the Notes and the related guarantees, is filed as Exhibit 5.1 hereto and is incorporated by reference into the Registration Statement.

Item 9.01 Financial Statements and Exhibits.

The exhibits to this Current Report on Form 8-K (except Exhibit 104) are hereby incorporated by reference into the Registration Statement.

(d) Exhibits.

Exhibit No.		Description
1.1		Underwriting Agreement, dated as of August 7, 2025, among Apollo Global Management, Inc. and Citigroup Global Markets Inc., BofA Securities, Inc., Barclays Capital Inc. and Goldman Sachs & Co. LLC, as representatives of the underwriters, relating to the 5.150% Senior Notes due 2035.
4.1		Indenture, dated as of August 12, 2025, among Apollo Global Management, Inc., the guarantors named therein and U.S. Bank Trust Company, National Association, as trustee.
4.2		Form of 5.150% Senior Notes due 2035 (included in Exhibit 4.1).
5.1		Opinion of Paul, Weiss, Rifkind, Wharton & Garrison LLP with respect to the 5.150% Senior Notes due 2035.
23.1		Consent of Paul, Weiss, Rifkind, Wharton & Garrison LLP (included in Exhibit 5.1)
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 12, 2025

APOLLO GLOBAL MANAGEMENT, INC.
By:		/s/ Jessica L. Lomm
Name:		Jessica L. Lomm
Title:		Vice President & Secretary

FAQ

What did Apollo (APO) issue in this 8-K?

Apollo issued $500,000,000 aggregate principal amount of 5.150% Senior Notes due 2035.

When do interest payments on the new Apollo notes begin?

Interest accrues from August 12, 2025 and is payable semi-annually on February 12 and August 12, commencing February 12, 2026.

How will Apollo use the proceeds from the offering?

Proceeds will be used for general corporate purposes, including to repay Bridge LLC's senior secured notes and certain other indebtedness upon consummation of the acquisition of Bridge Investment Group Holdings Inc., and to pay related fees and expenses.

Who underwrote the offering for APO?

The underwriting agreement lists Citigroup Global Markets Inc., BofA Securities, Barclays Capital and Goldman Sachs & Co. LLC as representatives of the underwriters.

Where can I find the legal and offering documents referenced by Apollo?

The Indenture, underwriting agreement and counsel opinion by Paul, Weiss, Rifkind, Wharton & Garrison LLP are filed as Exhibits 4.1, 1.1 and 5.1, respectively.