WHEN: TODAY, TUESDAY, MARCH 15TH
WHERE: CNBC'S "SQUAWK ON THE STREET"
Following is the unofficial transcript of breaking news from CNBC's Kate Kelly. All references must be sourced to CNBC.
KATE KELLY: I'M STANDING OUTSIDE THE KKR WITH NEWS ON ONE OF THEIR COMPETITORS. APOLLO GLOBAL MANAGEMENT HAS APPARENTLY PUT OFF ITS IPO WHICH WAS EXPECTED TO LAUNCH A ROAD SHOW TODAY IN DEFERENCE TO WHAT IS HAPPENING IN JAPAN AND THE TURMOIL IN THE GLOBAL MARKETS.AGAIN APOLLO PUTTING OFF THE IPO FOR AT LEAST A DAY, POSSIBLY DAYS UNTIL THINGS HOPEFULLY SETTLE DOWN IN THE MARKETS. I ALSO HAVE TERMS INFORMATION ON APOLLO. WE REPORTED LAST WEEK THAT THEY WERE GOING TO LAUNCH AN IPO OF UP TO $500 MILLION IN SIZE AND APPARENTLY THAT WAS RIGHT ON TARGET. WHAT THEY'RE TALKING ABOUT IS OFFERING 26 MILLION SHARES TO THE PUBLIC AT A PRICE OF BETWEEN 18 AND $20. IF YOU ASSUME THE MIDPOINT, $19, YOU GET $494 MILLION IN TERMS OF ITS FIRST PUBLIC OFFERING. SOMETHING THAT THEY HAVE BEEN CONSIDERING FOR SEVERAL YEARS AND THEY ARE GOING TO HAVE TO PUT OFF FOR AT LEAST A FEW MORE DAYS NOW.
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