Company: APO
Filing Date: 2025-08-07
Form Type: 424B5
Source: 0001193125-25-175021
Chunk: 16

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 424B5
Chunk 16
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 of the subsidiaries of the Issuer, other than the Guarantors, will have any obligations in respect of the notes, unless any such entities
become guarantors. See “Description of the Notes.” Accordingly, the notes will be structurally subordinated to claims of creditors (including trade creditors, if any) of all the subsidiaries of the Issuer, other than the Guarantors, except
to the extent that any such entities become guarantors. In addition, certain direct and indirect wholly-owned subsidiaries of the Guarantors are obligors under a senior credit agreement, but will not be guarantors of the notes. The senior credit
agreement provides for a $1.25 billion revolving facility. As of June 30, 2025, no borrowings were outstanding under the revolving facility. All obligations of each subsidiary of the Issuer and the Guarantors that is not itself a Guarantor
will have to be satisfied before any of the assets of such entities would be available for distribution, upon a liquidation or otherwise, to the Issuer or the Guarantors, respectively.

In contrast to typical guaranteed debt securities, the Issuer and the Guarantors of the notes are holding companies. Accordingly, the notes have similar credit characteristics to holding company debt that does not have the benefit of guarantees and are structurally subordinated to the claims of creditors of our fee generating businesses.

The guarantees of the notes are intended to serve a different purpose than guarantees in a traditional guaranteed debt structure. In a typical
debt offering with guarantees, the notes are issued by a parent holding company and the obligations are fully and unconditionally guaranteed by the issuer’s wholly-owned domestic subsidiaries. This has the effect of improving the credit quality
of what would otherwise be holding company debt by effectively eliminating structural subordination of the parent’s debt obligation to the trade and other

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creditors of the operating businesses. By contrast, the guarantees of the notes are issued by intermediate holding companies and, therefore, the notes and guarantees will remain structurally
subordinated to the creditors of our most significant fee generating businesses. Accordingly, the credit quality of the notes and related guarantees is more similar to holding company debt securities than traditional guaranteed debt securities.

The reason we elected to have the Guarantors guarantee the Issuer’s payment obligations under the indenture was to ensure that the
payment obligation was at a level in our organizational structure that owns a significant portion of our fee generating businesses.

AHL is not liable for payments