Company: APO
Filing Date: 2025-08-08
Form Type: 424B5
Source: 0001193125-25-177032
Chunk: 19

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-08
Form: 424B5
Chunk 19
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 notes. The effect of any credit rating downgrade would be to increase our costs of borrowing in the future. Redemption may adversely affect your return on the notes. The Issuer has the right to redeem some or all of the notes prior to maturity, as described under “Description of the Notes—Optional Redemption of the Notes.” The Issuer may redeem the notes at times when prevailing interest rates may be relatively low. Accordingly, you may not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as that of the notes. There will be limited covenants and protections in the indenture. While the indenture and the notes will contain terms intended to provide protection to holders upon the occurrence of certain events involving significant corporate transactions and our creditworthiness, these terms will be limited and may not be sufficient to protect your investment in the notes. For example, there will be no financial covenants in the indenture. S-14

Credit ratings may not reflect all risks. One or more credit rating agencies are expected to assign credit ratings to the notes. Any such ratings may not reflect the potential impact of all risks related to structure, market, additional factors discussed above and incorporated by reference herein and other factors that may affect the value of the notes. A credit rating is not a recommendation to buy, sell or hold securities and may be revised or withdrawn by the rating agency at any time. The rating agencies may change their practices for rating the notes, which change may affect the market price of the notes. The rating agencies that currently publish a rating for us, including Fitch Ratings, Ltd., a division of Fitch Inc., Moody’s Investor Service, Inc., a subsidiary of Moody’s Corporation, and S&P Global Ratings, a division of S&P Global Inc., may, from time to time in the future, change the way they analyze securities with features similar to the notes. This may include, for example, changes to the relationship between ratings assigned to an issuer’s subordinated securities and ratings assigned to securities with features similar to the notes. If the rating agencies change their criteria or practices for rating these types of securities in the future, and the ratings of the notes are subsequently lowered, that could have a negative impact on the trading price of the notes. U.S. federal and state fraudulent transfer laws may permit a court to void the notes and the guarantees, subordinate claims in respect of the notes and any guarantees and require noteholders to return payments received and, if that occurs, you may not receive