Apollo Global Management LLC, the buyout firm led by billionaire Leon Black, boosted its planned bond market debut to $500 million from the $300 million initially marketed today.

The third-biggest U.S. private-equity firm intends to issue 10-year notes, according to a person with knowledge of the matter who asked not to be identified without authorization to speak publicly. The securities may yield 152 basis points more than similar-maturity Treasurys, the person said.

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, increasing the sale from $300 million. Blackstone sold $500 million of 30-year debentures in April.

The planned debt will be issued by the firm’s Apollo Management Holdings LP unit, and will be used to repay a portion of loans outstanding, the person said. 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.