Our Private Equity Group is considered the go-to practice for complex, bespoke and firm-defining transactions. With clients ranging from the world’s leading institutional asset managers to prominent middle-market private equity and growth equity firms, we offer comprehensive advice to general partners, limited partners, co-investors and other equity stakeholders, as well as portfolio companies, lenders and financial sponsor groups. The depth and continuity of our relationships across the industry gives us a nuanced understanding of each client’s objectives and allows us to provide seamless, efficient counsel across the investment lifecycle.
Apollo Completes $1.4 Billion Mandatory Convertible Preferred Stock Offering
- Client News
- August 11, 2023
Paul, Weiss advised Apollo Global Management in its upsized $1.438 billion offering of 28.75 million shares of 6.75% Series A mandatory convertible preferred stock, including a $187.5 million over-allotment option of 3.75 million shares exercised in full by the underwriters. Apollo will use the net proceeds from the offering to accelerate the growth of leading retirement services company Athene, and help Athene capitalize on market opportunities. Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC acted as global coordinators and joint book-running managers for the offering.
The Paul, Weiss team was led by Christodoulos Kaoutzanis and Gregory Ezring, and included corporate partners Manuel Frey and Brian Janson and counsel Patricia Vaz de Almeida and Jason Tyler; tax partners Brian Grieve and Brad Okun; and executive compensation partner Jean McLoughlin and counsel Bruce Goldberger and Jake Glazeski.