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.
