Apollo Global Management to redeem Apollo Asset’s preferreds

By Mary-Katherine Stinson

Lexington, Ky., Aug. 16 – Apollo Global Management Inc. plans to redeem in full the outstanding shares of Apollo Asset Management, Inc.’s preferred stock with a total liquidation value of $575 million, according to a 424B5 filing with the Securities and Exchange Commission.

The redemption will be funded by the proceeds from an offering of fixed-rate resettable junior subordinated notes due Sept. 15, 2053.

Apollo is a New York-based alternative investment manager.

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