Summary
Apollo Global Management, Inc. (APO) has filed an 8-K report detailing the successful upsizing and completion of its underwritten public offering of 6.75% Series A Mandatory Convertible Preferred Stock. The company issued 28,750,000 shares, raising approximately $1.438 billion in liquidation preference. This offering was larger than initially planned, indicating strong investor demand. The filing also includes the Certificate of Designations, which outlines the key terms and conditions of this preferred stock, including its dividend rate, conversion provisions, and liquidation preferences. This issuance represents a significant capital raise for APO, intended to bolster its financial position.
Key Highlights
- 1Apollo Global Management, Inc. (APO) completed an offering of 6.75% Series A Mandatory Convertible Preferred Stock, raising approximately $1.438 billion.
- 2The offering was upsized to 28,750,000 shares from the initially planned 20,000,000 shares, reflecting strong investor interest.
- 3The Mandatory Convertible Preferred Stock carries a 6.75% annual dividend rate, payable quarterly and cumulatively.
- 4Each share of preferred stock is expected to convert automatically into 0.5052 to 0.6062 shares of APO's Common Stock on July 31, 2026, based on a future volume-weighted average price.
- 5The preferred stock holders have the option to convert their shares earlier under certain conditions, with specific conversion rates and potential compensation for unpaid dividends.
- 6In the event of liquidation, preferred stockholders are entitled to a liquidation preference of $50.00 per share plus accumulated unpaid dividends, ranking senior to common stock.
- 7The Certificate of Designations, establishing the rights and terms of the preferred stock, was filed with Delaware's Secretary of State.