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Apollo Commercial Real Estate Finance offering common stock

Apollo Commercial Real Estate Finance Inc. has commenced a public offering of 10.5 million shares of common stock.

The company expects to grant the underwriters a 30-day option to purchase up to 1,575,000 additional common shares.

Based on the stock's Dec. 12 closing price of $17.86, and assuming the underwriters fully exercise their option, S&P Global Market Intelligence estimates gross proceeds from the offering of about $215.7 million.

Apollo Commercial Real Estate plans to use all or a portion of the proceeds to repay amounts outstanding under its repurchase agreements. Any balance would be used to acquire target assets, including commercial first mortgage loans, subordinate financings, commercial MBS and other commercial real estate-related debt investments, as well as for general corporate purposes.

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