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Apollo Completes $1.4 Billion Mandatory Convertible Preferred Stock Offering
- Client News
- August 11, 2023
Paul, Weiss advised Apollo Global Management in its upsized $1.438 billion offering of 28.75 million shares of 6.75% Series A mandatory convertible preferred stock, including a $187.5 million over-allotment option of 3.75 million shares exercised in full by the underwriters. Apollo will use the net proceeds from the offering to accelerate the growth of leading retirement services company Athene, and help Athene capitalize on market opportunities. Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC acted as global coordinators and joint book-running managers for the offering.
The Paul, Weiss team was led by Christodoulos Kaoutzanis and Gregory Ezring, and included corporate partners Manuel Frey and Brian Janson and counsel Patricia Vaz de Almeida and Jason Tyler; tax partners Brian Grieve and Brad Okun; and executive compensation partner Jean McLoughlin and counsel Bruce Goldberger and Jake Glazeski.