Apollo Global Management, Inc. filed a Free Writing Prospectus on November 9, 2026, disclosing the final pricing terms for a $600,000,000 offering of 7.550% Fixed-Rate Resettable Junior Subordinated Notes due 2056.

Key Highlights

  • Offering size: $600,000,000 in aggregate principal amount of junior subordinated unsecured notes.
  • Coupon: 7.550% per annum through December 15, 2036, after which the rate resets to the Five-Year U.S. Treasury Rate plus a spread of 2.672% for each Reset Period.
  • Maturity and settlement: Notes mature December 15, 2056, with settlement expected November 13, 2026 (T+3).
  • Use of proceeds: Net proceeds are intended for general corporate purposes, including funding the previously announced investment in Mubadala Capital Asset Management, according to the filing.
  • Expected ratings: Moody's A3, S&P BBB+, and Fitch BBB+, as stated in the filing.
  • Optional interest deferral: The issuer may defer interest payments for up to five consecutive years on one or more occasions, with deferred amounts accruing additional interest compounded semi-annually.
  • Affiliate underwriter: Apollo Global Securities, LLC, an affiliate of the issuer, is listed as a co-manager and will receive a portion of the gross spread.

Apollo Global Management Prices 30-Year Junior Subordinated Notes with Reset Feature

According to the Free Writing Prospectus filed November 9, 2026, Apollo Global Management, Inc. (NYSE:APO) priced $600,000,000 in aggregate principal amount of 7.550% Fixed-Rate Resettable Junior Subordinated Notes due December 15, 2056. The notes are ranked as junior subordinated unsecured obligations and are priced at 100.000% of the principal amount, plus accrued interest from the settlement date. The filing identifies six guarantors: Apollo Asset Management, Inc., Apollo Principal Holdings A, L.P., Apollo Principal Holdings B, L.P., Apollo Principal Holdings C, L.P., AMH Holdings (Delaware), L.P., and Apollo Management Holdings, L.P.

The notes carry a fixed coupon of 7.550% per annum from the issue date through December 14, 2036. Beginning on the First Reset Date of December 15, 2036, the interest rate for each Reset Period will equal the Five-Year U.S. Treasury Rate as of the most recent Reset Interest Determination Date plus a spread of 2.672%, as described in the filing. Interest is payable semi-annually on June 15 and December 15 of each year, commencing June 15, 2027. The filing notes that the issuer holds the right to defer interest payments for up to five consecutive years on one or more occasions, and that during any such Optional Deferral Period, neither the issuer nor any guarantor may generally make payments on or redeem equity interests or pari passu and junior debt, subject to enumerated exceptions.

The filing discloses that the issuer may optionally redeem the notes, in whole or in part, at 100% of principal plus accrued interest during the three-month period prior to and including any Reset Date. A Rating Agency Event redemption would permit redemption at 102% of principal plus accrued interest. The joint book-running managers are J.P. Morgan Securities LLC, BofA Securities, Inc., Morgan Stanley and Co. LLC, and Wells Fargo Securities, LLC. The notes carry CUSIP 03769MAH9 and ISIN US03769MAH97.

What Was Disclosed

Apollo Global Management filed a final pricing term sheet for a $600,000,000 junior subordinated notes offering at 7.550%, maturing in 2056, with a rate reset mechanism beginning in 2036 and proceeds earmarked partly for the previously announced Mubadala Capital Asset Management investment.