Apollo Asset Management’s $25-par preferreds to be redeemed Sept. 22

By William Gullotti

Buffalo, N.Y., Aug. 23 – Apollo Asset Management, Inc. issued redemption notices to holders of its series A and series B preferred stock on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.

The preferreds have a total liquidation value of $575 million.

Each series of $25-par preferred stock will be redeemed on Sept. 22 at the face value plus declared and unpaid dividends from and including Sept. 15 up to, but excluding, the redemption date.

The regular quarterly dividend for each series, from and including June 15 up to, but excluding, Sept. 15 will be paid separately in the customary manner to holders of record on Sept. 1.

As previously reported, parent company Apollo Global Management Inc. is funding the redemption using proceeds from its Aug. 16 sale of $600 million 7.625% $25-par fixed-rate resettable junior subordinated notes due Sept. 15, 2053.

Apollo is a New York-based alternative investment manager.

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