Apollo Management Holdings LP, an indirect subsidiary of Apollo Global Management Inc., issued $300 million of its 4.950% fixed-rate resettable subordinated notes due Jan. 14, 2050.

Interest will be paid semiannually in arrears on June 17 and Dec. 17 of each year, starting June 17, 2020.

From Dec. 17, 2024, the interest rate on the notes for each reset period will be equal to the five-year U.S. Treasury Rate as of the most recent reset interest determination date plus a spread of 3.266%.

The notes may be redeemed, at the issuer's option, on the first call date and any subsequent reset date, in whole or in part, at a redemption price equal to 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest to but excluding the redemption date.

Net proceeds from the offering will be used for general corporate purposes, including to partially finance the purchase of $350 million of Athene Holding Ltd.'s class A common shares to the extent such transaction is consummated.