NEW YORK,– Apollo Commercial Real Estate Finance, Inc. (the “Company”) (NYSE:ARI) today announced the Company has priced an underwritten public offering of 15,000,000 shares of common stock for total estimated gross proceeds of approximately $276.9 million. In connection with the offering, the Company has granted the underwriters a 30-day option to purchase up to an additional 2,250,000 shares of common stock. The offering is expected to close on May 13, 2019, and is subject to customary closing conditions.
ARI intends to use the net proceeds from this offering for general corporate purposes, including the redemption of the outstanding 8.00% Series C Cumulative Redeemable Perpetual Preferred Stock, the acquisition or origination of target assets and working capital. Pending such uses, ARI may use a portion of the net proceeds from this offering to temporarily reduce borrowings under the Company’s repurchase agreements.
J.P. Morgan, Morgan Stanley, Citigroup, Deutsche Bank Securities and Goldman Sachs & Co. LLC are the joint book-running managers for the offering.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission and has become effective. The offering will be made by means of a prospectus supplement and accompanying prospectus. A copy of the final prospectus supplement and accompanying prospectus related to the offering can be obtained, when available, by contacting J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus Department, or by calling 866-803-9204; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, Second Floor, New York, NY 10014; Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by calling 800-831-9146; Deutsche Bank Securities Inc., Attention: Prospectus Group, 60 Wall Street, New York, NY 10005, Phone: (800) 503-4611, Email: firstname.lastname@example.org; or Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, Phone: 1-866-471-2526, Facsimile: 212-902-9316, Email: Prospectusemail@example.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Apollo Commercial Real Estate Finance, Inc.
Apollo Commercial Real Estate Finance, Inc. (NYSE: ARI) is a real estate investment trust that primarily originates, acquires, invests in and manages performing commercial real estate mortgage loans, subordinate financings and other commercial real estate-related debt investments. The Company is externally managed and advised by ACREFI Management, LLC, a Delaware limited liability company and an indirect subsidiary of Apollo Global Management, LLC, a leading global alternative investment manager with approximately $303 billion of assets under management at March 31, 2019.
Certain statements contained in this press release constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company’s control. These forward-looking statements include information about possible or assumed future results of the Company’s business, financial condition, liquidity, results of operations, plans and objectives. When used in this release, the words believe, expect, anticipate, estimate, plan, continue, intend, should, may or similar expressions, are intended to identify forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: the return on equity; the yield on investments; the ability to borrow to finance assets; the Company’s ability to deploy the proceeds of its capital raises or acquire its target assets; and risks associated with investing in real estate assets, including changes in business conditions and the general economy. For a further list and description of such risks and uncertainties, see the reports filed by the Company with the Securities and Exchange Commission. The forward-looking statements, and other risks, uncertainties and factors are based on the Company’s beliefs, assumptions and expectations of its future performance, taking into account all information currently available to the Company. Forward-looking statements are not predictions of future events. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.