Apollo Commercial Real Estate Finance Inc. priced an underwritten public offering of 13.5 million common shares for total estimated gross proceeds of approximately $243.0 million.
The company also granted the underwriters a 30-day option to purchase up to an additional 2,025,000 shares.
The offering is subject to closing conditions and is expected to close March 16.
The company plans to use all or a portion of the net proceeds from the offering to acquire or originate its target assets, including 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 outstanding borrowings under its repurchase agreements.
J.P. Morgan, Morgan Stanley, Bank of America Merrill Lynch, Citigroup and Deutsche Bank Securities are the joint book-running managers for the offering.
