APO - Apollo upsizes and prices convertible preferred stock

2023-08-09 05:55:16 ET

• Apollo Global Management ( NYSE: APO ) priced an offering of $1.25B or 25M shares of its 6.75% Series A Mandatory Convertible Preferred Stock at a price of $50.00 per share.
• The offering was upsized from the previously announced size of $1B or 20M shares.
• The underwriters have a 30-day option to purchase up to an additional $187.5M or 3.75M shares.
• The offering is expected to close on August 11, 2023.
• The net proceeds from the mandatory convertible preferred stock offering will be ~$1,219M (or ~$1,402M if the underwriters exercise their option to purchase additional shares in full).
• Proceeds will be used to accelerate its Retirement Services growth, helping Athene capitalize on attractive opportunities available in the current market environment.

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