Company: APO
Filing Date: 2025-08-07
Form Type: 424B5
Source: 0001193125-25-175021
Chunk: 32

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 424B5
Chunk 32
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 Indebtedness for borrowed money in an aggregate principal amount outstanding at any one time not to exceed $2,500 million, (g) any pledge, lien or other encumbrance (x) the board of directors of Apollo Global Management, Inc. determines does not materially detract from or interfere with the value or control, as of the date of such determination, of the Credit Parties’ or any of their subsidiaries’ voting or profit participating equity ownership interests in any subsidiary and (y) in respect thereof the Issuer delivers an officer’s certificate to the Trustee certifying that it has received a confirmation from the Rating Agencies (as defined below) that the incurrence of such pledge, lien or other encumbrance would not result in a lowering of the rating on the notes (provided that to the extent the Rating Agencies are then no longer providing advance confirmation of ratings, such officer’s certificate shall certify that the board of directors of Apollo Global Management, Inc. has determined that such pledge, lien or other encumbrance would not materially detract from the creditworthiness of the Credit Parties), and (h) any lien renewing, extending or refunding any lien permitted hereby without increase of the principal of the Indebtedness secured thereby. This covenant will not limit the ability of the Credit Parties or their subsidiaries to incur Indebtedness or other obligations secured by liens on assets other than the voting stock or profit participating equity interests of the Credit Parties and their respective subsidiaries. “Fitch” means Fitch Ratings, Ltd., a division of Fitch, Inc., or any successor thereto. “Moody’s” means Moody’s Investors Service, Inc., or any successor thereto. “Rating Agency” means:

| • |     | each of Fitch, Moody’s and S&P; and |

| • |     | if any of Fitch, Moody’s or S&P ceases to rate the notes or fails to make a rating of the notes publicly                                                                                                                              
 available for reasons outside of the Issuer’s control, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act selected by the Issuer as a replacement agency for Fitch, 
 Moody’s or S&P, or any of them, as the case may be.                                                                                                                                                                                   |

“S&P” means S&P Global Ratings, a division of S&P Global Inc., or any successor thereto. As of the date of this prospectus supplement, there are