trending Market Intelligence /marketintelligence/en/news-insights/trending/j8ceoa9pkiojks8li1s-qa2 content esgSubNav
In This List

Apollo Commercial Real Estate Finance starts common shares offering

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


Apollo Commercial Real Estate Finance starts common shares offering

Apollo Commercial Real Estate Finance Inc. launched an underwritten public offering of 13.5 million common shares.

The company expects to grant the underwriters a 30-day option to purchase up to 2,025,000 additional common shares.

Based on the company's March 13 closing price of $18.62, S&P Global Market Intelligence calculates a gross offering size of $289.1 million, including the full exercise of the underwriters' additional share purchase option.

Apollo Commercial Real Estate Finance intends to use all or a portion of the net proceeds to acquire or originate the company's target assets, which include commercial first mortgage loans, subordinate financings and other commercial real estate-related debt investments, and for working capital and other general corporate purposes, including the repayment of borrowings outstanding under repurchase agreements, according to a March 13 press release.

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