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Apollo greenshoe lifts 6.75% convertible preferreds to $1.44 billion
By Devika Patel
Knoxville, Tenn., Aug. 15 – Underwriters for Apollo Global Management Inc.’s $50-par three-year series A mandatory convertible preferred stock fully exercised their greenshoe for $187.5 million, or 3.75 million preferreds, bringing the total deal sized to $1,437,500,000, according to an 8-K filing with the Securities and Exchange Commission.
The issuer priced an upsized $1.25 billion, or 25 million preferreds, on Aug. 8 with a dividend of 6.75% and a threshold appreciation premium of 20%, as previously reported.
Price talk was for a dividend of 6.5% to 7% and a threshold appreciation premium of 17.5% to 22.5%.
Goldman Sachs & Co. LLC (lead left), Morgan Stanley & Co. LLC and Wells Fargo Securities LLC were bookrunners for the registered offering.
The initial size of the offering was $1 billion with a greenshoe of $150 million.
The notes have takeover and dividend protection above 43 cents a quarter.
They will be listed for trade on the New York Stock Exchange under the ticker “APOPrA.”
Proceeds will be used to accelerate growth of the company’s retirement services segment conducted by subsidiary Athene Holding Ltd.
Depending on market conditions, after pricing the offering of the mandatory convertible preferred stock, Apollo may conduct a subordinated debt financing transaction to redeem the Apollo Asset Management, Inc. outstanding preferred stock.
The mandatory convertible preferred stock will be junior to any such additional debt securities with respect to dividend rights and distribution rights upon liquidation, winding-up and dissolution.
Apollo is a New York-based private equity firm.
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