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APO - Apollo Global Management raises capital to spur its Retirement Services growth
Apollo Global Management LLC Class A Representing Class A Limitied Liability Company Interests
2023-08-07 17:09:51 ET
Asset manager Apollo Global Management ( NYSE: APO ) on Monday commenced an offering of 20,000,000 shares of its Series A Mandatory Convertible Preferred Stock.
Each share of the Mandatory Convertible Preferred Stock will have a liquidation preference of $50.00 per share, the company said.
Apollo to further grant underwriters a 30-day option to purchase up to an additional $150.0 million of the stock to cover over-allotments, if any
Apollo intends to use the net proceeds to accelerate its Retirement Services growth, among others.