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S&P rates Apollo notes BBB
S&P said it rated Apollo Global Management Inc.'s planned fixed-rate resettable junior subordinated notes due 2053 BBB. The issuance size is expected to be about $600 million.
Subsidiary Apollo Asset Management Inc. and other Apollo units will guarantee the notes.
The issuer credit rating on Apollo Global Management Inc. is A- with a positive outlook.
Apollo Global Management intends to use the proceeds with cash on hand, to redeem Apollo Asset Management's $575 million outstanding of preferred stock in full and pay fees and expenses related to the notes offering and preferred stock redemption.
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