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Apollo Commercial Real Estate prices common stock offering

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.