03:50 PM EDT, 10/03/2024 (MT Newswires) -- Apollo Global Management ( APO ) said Thursday it priced a $500 million offering of 6% fixed-rate resettable junior subordinated notes due 2054.

Gross proceeds will be about $495 million and will be used for general corporate purposes and to redeem $300 million in principal amount of Apollo Management Holdings' 4.95% fixed-rate resettable subordinate notes due 2050, according to the company.

Apollo said that the interest rate on the notes will reset on Dec. 15, 2034, to the five-year U.S. Treasury rate plus 2.168% spread, and interest will be paid semi-annually, starting June 15, 2025.

The company expects to close the offering on Oct. 10.

Shares were trading 1% lower in recent afternoon activity.

Price: 131.38, Change: -1.32, Percent Change: -0.99