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Apollo Global Management LLC will sell a new series of preferred stock under the ticker symbol of APO-B. This issue is non cumulative. This issue will generate a K-1 for the holder.
The preliminary prospectus can be found here.
Further details to come as they are known.
Tim — APO-A (6.375%) is off .45 at $25.20
ARES-A (7%) is doing much better trading at $26.44
Quantum has APO-A with a BBB+ rating, but it is not doing so well.
Hi Jeff–yes the new issue is investment grade and I noticed right away the ‘A’ issue was getting a bit of a shellacking early today. For me since they are perpetuals I have no interest–now–maybe in 6 months–we’ll have to see.
Tim