Company: APO
Filing Date: 2025-08-07
Form Type: 424B5
Source: 0001193125-25-175021
Chunk: 36

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 424B5
Chunk 36
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 Event, the financial effect of this repurchase could result in defaults under the other debt instruments to which the Issuer or the Guarantors are party, including the acceleration of the payment of any borrowings thereunder. It is possible that the Credit Parties will not have sufficient funds at the time of the Change of Control Repurchase Event to make the required repurchase of the Credit Parties’ other debt and the notes. See “Risk Factors—Risks Relating to the Notes and the Guarantees—The Issuer may not be able to repurchase the notes upon a Change of Control Repurchase Event.” The definition of “Change of Control” includes a phrase relating to the direct or indirect sale, lease, transfer, conveyance or other disposition of “all or substantially all” of the properties and assets of the Credit Group. Although there is a limited body of case law interpreting the phrase “substantially all,” there is no precise established definition of the phrase under applicable law. Accordingly, the ability of a holder of notes to require the Issuer to repurchase the notes as a result of a sale, lease, transfer, conveyance or other disposition of less than all of the assets of the Credit Group to another Person or group may be uncertain. S-26

For purposes of the notes: “Below Investment Grade Rating Event” means the rating on the notes is lowered in respect of a Change of Control and the notes are rated below Investment Grade by any two of three Rating Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-dayperiod following public notice of the occurrence of a Change of Control (which period shall be extended until the ratings are announced if during such 60-dayperiod the rating of the notes is under publicly announced consideration for possible downgrade by any of the Rating Agencies); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event hereunder) if each of such two Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Issuer in writing at its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of