Apollo Global Management, Inc. - APO STOCK NEWS

Apollo Global Management (NYSE: APO) has priced an offering of $500 million in 6.000% Fixed-Rate Resettable Junior Subordinated Notes due 2054. The notes will bear interest at 6.000% per year until December 15, 2034, after which the rate will reset based on the five-year U.S. Treasury rate plus a 2.168% spread. Interest payments will be semi-annual, starting June 15, 2025.

The offering is expected to close on October 10, 2024, with net proceeds of approximately $495 million. Apollo plans to use the proceeds for general corporate purposes, including redeeming $300 million of Apollo Management Holdings' 4.950% Fixed-Rate Resettable Subordinated Notes due 2050. The offering is being made through a shelf registration statement filed with the SEC, with J.P. Morgan Securities, BofA Securities, Citigroup Global Markets, and Goldman Sachs & Co. as joint book-running managers.

Mosaicx, a conversational AI pioneer, has partnered with Vibrant Emotional Health to enhance the 988 Suicide & Crisis Lifeline with new georouting capabilities. This technology allows for more accurate location-based connectivity, improving crisis care accessibility. The georouting solution identifies the county from which a call originates, connecting help seekers to geographically appropriate crisis call centers while protecting their privacy.

Rebecca Jones, president of Mosaicx, emphasized the importance of this functionality in connecting help seekers to localized support. Grant Riewe, CTO of Vibrant, praised Mosaicx as a trusted partner available 24/7, 365 days a year. The collaboration aims to revolutionize telephony in the United States to provide better access to crisis mental health care.

Apollo (NYSE: APO) has announced a new agreement to provide approximately €1 billion to acquire a minority stake in one of Vonovia's affiliates. This marks the third transaction between Apollo and Vonovia, following two previous €1 billion deals in 2023 related to Vonovia's real estate portfolios in Southwest and Northern Germany. The total arranged commitments from Apollo affiliates and funds to Vonovia entities now reach €3 billion.

This transaction is part of Apollo's High Grade Capital Solutions strategy, which has originated nearly $100 billion of bespoke capital solutions for leading companies since 2020. Apollo emphasizes its ability to provide scaled solutions to large corporations and retirement services companies, leveraging its structuring, investment, and syndication capabilities.

Apollo (NYSE: APO) is hosting its Investor Day to present the firm's business priorities and new five-year financial targets. The senior management team will discuss the future of alternative asset management, Apollo's strategic positioning, and its plan to generate attractive returns for stockholders.

CEO Marc Rowan emphasized Apollo's focus on asset origination, highlighting the firm's unique position with its expansive credit franchise and retirement services leader, Athene. Rowan noted that the industry is supported by powerful tailwinds for robust growth over the next five years.

The Investor Day presentation materials and livestream registration are available on investorday.apollo.com. The event begins at 8:00 a.m. ET, followed by a Q&A session, with a replay available on the Investor Relations website afterward.

Citigroup Inc. (NYSE: C) and Apollo (NYSE: APO) have announced a landmark $25 billion private credit, direct lending program in North America, with potential for global expansion. The program includes participation from Mubadala Investment Company as Apollo's strategic partner and Apollo's subsidiary, Athene. This strategic initiative aims to enhance access to private lending capital for corporate and sponsor clients, combining Citi's banking expertise with Apollo's extensive capital base.

The program is expected to finance approximately $25 billion of debt opportunities over the next several years, covering both corporate and financial sponsor transactions. Citi and Apollo anticipate strong client demand and maintain flexibility to expand the program's size beyond the initial $25 billion. This collaboration is designed to provide clients with a range of innovative, private financing solutions to meet their evolving needs and strategic goals.

Gannett Co., Inc. (NYSE: GCI) has announced an exchange offer and consent solicitation for its outstanding 6.000% Senior Secured Notes due 2026. Eligible holders can exchange their notes for either first lien term loans with a 1.5% upfront fee or cash. The exchange offer includes an early participation premium for holders who tender their notes by October 10, 2024.

This exchange offer is part of Gannett's broader debt refinancing strategy, which includes a new $900 million senior secured credit facility with Apollo Funds. The company also plans to repurchase up to 50% of its outstanding 6.000% Senior Secured Convertible Notes due 2027 and exchange another 50% for new notes due 2031.

The refinancing aims to restructure Gannett's debt and improve its financial position. The company describes itself as a diversified media company with a focus on empowering local communities through its portfolio of trusted media brands, including USA TODAY NETWORK and Newsquest.

Apollo (NYSE: APO), ATLAS SP Partners, and BNP Paribas have announced a $5 billion strategic financing and capital markets collaboration. BNP Paribas will provide an initial $5 billion financing commitment, expected to increase over time, to support investment-grade, asset-backed credit originated by Apollo and ATLAS. The collaboration also includes support for securitizations sourced by Apollo and ATLAS issuer clients.

This partnership is described as one of the largest-ever bilateral financings for directly-originated credit assets. It builds on Apollo's existing collaboration with BNP Paribas through the Eliant platform for inventory finance solutions. The strategic relationship aims to accelerate ATLAS's growth and enhance its client capabilities in warehousing and investment-grade asset-backed solutions.

Apartment Investment and Management Company (Aimco) (NYSE: AIV) has secured $56 million in preferred equity from Sixth Street for a luxury waterfront rental development in Miami, Florida. The project, located at 560-640 NE 34th Street, will be a 38-story tower with 114 luxury rental units averaging over 2,500 square feet each. Apollo provided an additional $172 million in senior construction financing.

The development will feature high-end amenities, ~7k square feet of ground floor retail space, and unobstructed views of Biscayne Bay. Aimco will serve as the developer and asset manager. This project aims to capitalize on Miami's strong macroeconomic growth and increasing in-migration, positioning it as a unique rental offering in the rapidly evolving Edgewater submarket.

Apollo-managed funds have acquired a majority stake in Freedom CNG, a leading provider of compressed natural gas (CNG) and renewable natural gas (RNG) fueling infrastructure in Texas. Freedom operates a network of high-capacity fueling stations in the Houston Metro area, serving various customers including logistics companies, municipalities, and school districts.

The acquisition aims to expand Freedom's platform through organic and inorganic growth initiatives. Apollo sees significant investment potential in this market due to existing tailwinds. The partnership is expected to help Freedom meet the growing demand for economically attractive and environmentally sensitive low-carbon alternative fuels.

This move aligns with Apollo's broader strategy of supporting the energy transition, with approximately $40 billion deployed into energy transition and sustainability-related investments over the past five years.