Apollo issues $1.438B of 6.75% mandatory convertible preferred stock, upsized from $1B

Apollo Global Management, Inc.

Issued 28.75M shares of 6.75% Series A Mandatory Convertible Preferred Stock; aggregate liquidation preference $1.438B.
Offering upsized from originally planned 20M shares ($1.0B) to 28.75M shares ($1.438B) including full over-allotment.
Each preferred share ($50 liquidation preference) automatically converts by July 31, 2026 into 0.5052–0.6062 shares of common stock.
Net proceeds ~$1.402B after underwriting discounts; dividends payable quarterly at 6.75% annual rate, may be paid in cash or common stock.
Preferred stock ranks senior to common; no dividends on common unless preferred dividends are fully paid.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Apollo Global Management, Inc.: Filed Certificate of Designations to establish terms of 6.75% Series A Mandatory Convertible Preferred Stock (effective 2023-08-11).

Change: charter amendment
Effective: 2023-08-11

Exact text from the filing

In connection with the issuance of the Mandatory Convertible Preferred Stock, the Company filed a Certificate of Designations (the “Certificate of Designations”) with the Secretary of State of the State of Delaware on August 11, 2023 to establish the designations, powers, preferences and rights of the Mandatory Convertible Preferred Stock and the qualifications, limitations and restrictions thereof, including the dividend rate, the amount payable with respect thereto in the event of the Company’s voluntary or involuntary liquidation, winding-up or dissolution, restrictions on the issuance of shares of the same series or of any other class or series, the terms and conditions of conversion of the Mandatory Convertible Preferred Stock and the voting rights of the Mandatory Convertible Preferred Stock.

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Apollo Global Management, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-210853

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