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Apollo Global Management closes $300M preferred shares offering

Apollo Global Management LLC has closed a $300 million offering of 12 million of its 6.375% series B preferred shares with a liquidation preference of $25 apiece.

The company plans to contribute the net proceeds from the sale for general corporate purposes to its indirect subsidiaries.

The company will pay distributions that are noncumulative on the series B preferred shares, when and if declared by its manager, AGM Management LLC, on a quarterly basis.

Apollo Global Management plans to list the series B preferred shares on the NYSE under the ticker symbol APO PR B.

Bank of America Merrill Lynch, Morgan Stanley, UBS Investment Bank and Wells Fargo Securities acted as joint book-running managers for the offering. Barclays, Citigroup, Credit Suisse, Deutsche Bank Securities, Goldman Sachs & Co. LLC, J.P. Morgan, RBC Capital Markets and US Bancorp acted as joint lead managers.