Filing Summary
Business Context and Reporting Period
Apollo Global Management, Inc. filed a Form 8-K dated April 1, 2022, reporting that subsidiary ACMP Holdings LLC entered into a new revolving credit agreement in connection with Apollo’s capital markets business.
Material Financing Terms and Liquidity
- Facility size: $1.5 billion at closing, subject to a borrowing limit equal to the lesser of the facility amount and 90% of the unfunded capital commitments of specified investors.
- Potential increase: The facility may be increased to $2.0 billion, subject to customary conditions and additional lender commitments.
- Maturity: April 1, 2025, with two potential 12-month extensions at the borrower’s request.
- Repayment terms: No scheduled amortization or mandatory prepayments before maturity, except for obligations exceeding available commitments. Loans may be prepaid and commitments reduced or terminated without penalty.
- Permitted uses: Investment activities, working capital, and other permitted purposes; the primary intended use is facilitating settlement of financing transactions funded or syndicated by Apollo’s capital markets business.
- Collateral and recourse: Secured by pledges and assignments of investor capital contribution rights. Obligors are ACMP Holdings LLC and its two member entities. The obligations are non-recourse to Apollo, except for customary investor comfort letters regarding capital contributions.
Material Changes, Risks, and Unusual Items
- The filing documents the creation of a new revolving credit facility and a related direct financial obligation.
- The agreement includes affirmative and negative covenants, including limitations on liens, and customary events of default such as nonpayment, misrepresentations, covenant breaches, cross-defaults, bankruptcy, and changes in control of the pledgors’ general partner.
- The borrowing base depends on the unfunded capital commitments of included investors, which may limit availability below the stated facility amount.
- Certain portions of the credit agreement exhibit were redacted under applicable SEC rules and may be furnished supplementally upon request.
Financial Performance and Guidance
This filing does not provide revenue, profit, cash flow, margins, debt balances, liquidity balances, operating results, or management guidance for a reporting period. It also does not provide interest-rate or fee terms for the facility in the filing text.
Key Facts for Investors to Verify
- Actual borrowings and outstanding commitments under the ACMP Credit Facility.
- Availability after applying the 90% unfunded-capital-commitment borrowing limitation.
- Whether Apollo or its subsidiaries provide any guarantees beyond the described comfort letters.
- Interest rates, fees, financial covenants, and other redacted or detailed terms in Exhibit 10.1.
- Any future amendments, extensions, defaults, or material draws under the facility.