Company: APO
Filing Date: 2025-11-06
Form Type: 424B5
Source: 0001193125-25-269713
Chunk: 36

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-06
Form: 424B5
Chunk 36
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 assets, would be structurally subordinated to the claims of that subsidiary’s creditors, including trade creditors, and claims of preferred equity-holders, if any. Athene Holding Ltd. and its direct and indirect
subsidiaries are subsidiaries of the Issuer and are obligors under certain credit agreements and notes with aggregate indebtedness of $7,856 million as of September 30, 2025. Athene Holding Ltd. and its direct and indirect subsidiaries
will not be Guarantors of the notes of either series. In addition, the notes of each series are unsecured. Thus, even if any of the Credit Parties were a creditor of any Credit Party’s subsidiary, its rights as a creditor would be effectively
subordinated to such subsidiary’s secured Indebtedness to the extent of the value of the collateral securing such Indebtedness and would be subordinated to such subsidiary’s Indebtedness that is senior to that held by the Credit Parties.
See “Risk Factors—Risks Relating to the Notes and the Guarantees.”

Limitations on Liens

Each indenture will provide that the Credit Parties will not, and will not cause or permit any of their respective subsidiaries to, create,
assume, incur or guarantee any indebtedness for money borrowed that is secured by a pledge, mortgage, lien or other encumbrance (other than Permitted Liens) on any voting stock or profit participating equity interests of their respective
subsidiaries (to the extent of their ownership of such voting stock or profit participating equity interests) or any entity that succeeds (whether by merger, consolidation, sale of assets or otherwise) to all or any substantial part of the business
of any of such subsidiaries, without providing that the applicable notes (together with, if the Credit Parties shall so determine, any other Indebtedness of, or guarantee by, the Credit Parties ranking equally with such notes and existing as of the
closing of the offering of such notes or thereafter created) will be secured equally and ratably with or prior to all other Indebtedness secured by such pledge, mortgage, lien or other encumbrance on the voting stock or profit participating equity
interests of any such entities for so long as such other Indebtedness is so secured.

“Permitted Liens” means (a) liens
on voting stock or profit participating equity interests of Athene Holding Ltd. and any of its direct or indirect subsidiaries, (b) liens on voting stock or