Apollo Commercial Real Estate Finance Inc. has priced an underwritten public offering of 10.5 million common shares for total estimated gross proceeds of about $180.0 million.

The underwriters were granted an option to buy up to an additional 1,575,000 common shares. The offering is expected to close Dec. 16.

The company plans to use a portion of the net proceeds to repay borrowings outstanding under its repurchase agreements and the rest to acquire its target assets, including commercial first mortgage loans, subordinate financings, commercial mortgage-backed securities and other commercial real estate-related debt investments, and for general corporate purposes.

Bank of America Merrill Lynch, J.P. Morgan, Citigroup and Morgan Stanley are the joint book-running managers for the offering.