Apollo’s $300 Million Subordinated Notes Offering

Simpson Thacher recently represented the initial purchasers, led by Citigroup Global Markets Inc., BofA Securities, Inc. and Goldman Sachs & Co. LLC, in connection with the offering.

Apollo Management Holdings, L.P., an indirect subsidiary of Apollo Global Management, Inc., issued $300 million in aggregate principal amount of its 4.950% Fixed-Rate Resettable Subordinated Notes due 2050.

The Notes were issued pursuant to that certain indenture, dated as of December 17, 2019, among the Issuer, Apollo Principal Holdings I, L.P., Apollo Principal Holdings II, L.P., Apollo Principal Holdings III, L.P., Apollo Principal Holdings IV, L.P., Apollo Principal Holdings V, L.P., Apollo Principal Holdings VI, L.P., Apollo Principal Holdings VII, L.P., Apollo Principal Holdings VIII, L.P., Apollo Principal Holdings IX, L.P., Apollo Principal Holdings X, L.P., Apollo Principal Holdings XI, LLC, Apollo Principal Holdings XII, L.P., and AMH Holdings (Cayman), L.P. (collectively, the “Guarantors”) and Wells Fargo Bank, National Association, as trustee.

Apollo is a leading global alternative investment manager with total assets under management of $323 billion as of September 30, 2019.

The Simpson Thacher team for the transaction included Josh Bonnie (Picture), Will Golden, Jon Pacheco, Sarah Ali and Claire DiMario (Capital Markets); Jon Cantor and Abigail Hopper (Tax); Patricia Adams (Executive Compensation and Employee Benefits); Alysha Sekhon (Intellectual Property); Steven DeLott (Insurance); and Jennie Getsin (Blue Sky).

Involved fees earner: Patricia Adams – Simpson Thacher & Bartlett; Sarah Ali – Simpson Thacher & Bartlett; Jonathan Cantor – Simpson Thacher & Bartlett; Steven DeLott – Simpson Thacher & Bartlett; Claire DiMario – Simpson Thacher & Bartlett; Joshua Ford Bonnie – Simpson Thacher & Bartlett; Jennie Getsin – Simpson Thacher & Bartlett; William Golden – Simpson Thacher & Bartlett; Abigail Hopper – Simpson Thacher & Bartlett; Jonathan Pacheco – Simpson Thacher & Bartlett; Alysha Sekhon – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: Bank of America Securities; Citigroup Global Markets Ltd; Goldman Sachs & Co.;

Author: Ambrogio Visconti