Business Context and Reporting Period
Apollo Global Management, Inc. filed a Form 8-K dated April 14, 2023 under Item 8.01, Other Events. The filing concerns the addition of Apollo Global Management, Inc. and its direct subsidiary, Apollo Asset Management, Inc. as guarantors of specified debt and revolving credit obligations of Apollo Management Holdings, L.P.
Material Financing Changes
- Under a tenth supplemental indenture, the two new guarantors agreed to fully and unconditionally guarantee, jointly and severally with existing guarantors, the issuer’s senior notes consisting of 4.000% notes due 2024, 4.400% notes due 2026, 5.000% notes due 2048, 4.872% notes due 2029, and 2.650% notes due 2030.
- Under a first supplemental indenture, the new guarantors agreed to guarantee the issuer’s 4.950% fixed-rate resettable subordinated notes due 2050.
- Under a guarantor joinder agreement to the October 12, 2022 credit agreement, the new guarantors agreed to guarantee the prompt payment of loan obligations relating to the revolving facility for the benefit of the lenders and issuing banks.
Financial Metrics and Liquidity
The filing does not provide revenue, profit, cash flow, margins, debt balances, revolver availability, liquidity balances, or other operating financial metrics. It identifies additional guarantees supporting existing debt securities and revolving credit obligations but does not state that new borrowings occurred or disclose any change in outstanding indebtedness.
Guidance, Outlook, Risks and Unusual Items
No earnings guidance, business outlook, management commentary, contingencies, or operating risks are provided. The principal legal and financial development is the expansion of guarantee coverage by Apollo Global Management, Inc. and Apollo Asset Management, Inc., which may increase their obligations if the issuer fails to satisfy the guaranteed debt or loan obligations.
Investor Verification Points
- Confirm the outstanding principal amounts, covenants, maturity terms, and ranking of each guaranteed note issuance.
- Review the October 12, 2022 credit agreement for the revolving facility size, outstanding borrowings, commitments, and guarantee limitations.
- Assess the effect of the guarantees on the consolidated and subsidiary-level debt structure and creditor protections.
- Verify whether subsequent filings disclose any borrowings, repayments, amendments, defaults, or enforcement activity involving these obligations.