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Apollo Debuts in Bond Market With $500 Million Offering

May 27 (Bloomberg) -- Apollo Global Management LLC, the buyout firm led by billionaire Leon Black, made its bond-market debut today by selling $500 million of 10-year notes after boosting the offering from $300 million initially marketed.

The third-biggest U.S. private-equity firm sold 4 percent securities that pay 152 basis points more than similar-maturity Treasuries, according to data compiled by Bloomberg.

Apollo joins competitors KKR & Co. and Blackstone Group LP in issuing bonds as borrowing costs reach about the lowest level in a year and investors seek longer-maturity debt that’s outperformed securities due sooner. KKR raised $500 million of 30-year debt last week, also increasing the sale from $300 million. Blackstone sold $500 million of 30-year debentures in April.

The debt was issued by the firm’s Apollo Management Holdings LP unit, and will be used to repay a portion of loans outstanding, Bloomberg data show. Apollo has a $1 billion term loan due 2019 and hasn’t previously sold bonds, according to data compiled by Bloomberg.

Charles Zehren, a spokesman for Apollo at Rubenstein Associates Inc. in New York, declined to comment on the offering.

A basis point is 0.01 percentage point.

To contact the reporter on this story: Caroline Chen in New York at cchen509@bloomberg.net

To contact the editors responsible for this story: Shannon D. Harrington at sharrington6@bloomberg.net Chapin Wright, Faris Khan

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