Apollo Commercial Real Estate Finance, Inc. Announces Pricing of Convertible Senior Notes

Apollo Commercial Real Estate Finance, Inc. Announces Pricing of Convertible 
Senior Notes 
NEW YORK, NY -- (Marketwired) -- 03/11/14 --  Apollo Commercial Real
Estate Finance, Inc. (the "Company" or "ARI") (NYSE: ARI), today
announced the pricing of its public offering of $125,000,000
aggregate principal amount of its 5.50% Convertible Senior Notes due
2019 (the "Notes") for total gross proceeds of $125,000,000. The
Company has granted to the underwriters a 30-day option to purchase
up to an additional $18,750,000 aggregate principal amount of the
Notes at the public offering price, less the underwriting discount,
plus accrued interest. The Notes will bear interest at a rate equal
to 5.50% per year, payable semiannually in arrears on March 15 and
September 15 of each year, beginning on September 15, 2014. The
conversion rate will initially equal 55.3649 shares of common stock
per $1,000 principal amount of Notes, which is equivalent to a
conversion price of approximately $18.06 per share of common stock,
representing an approximate 10% conversion premium based on the
closing price of the Company's common stock of $16.42 per share on
March 11, 2014. The initial conversion rate is subject to adjustment
upon the occurrence of certain events, but will not be adjusted for
any accrued and unpaid interest. Upon conversion, we will pay or
deliver, as the case may be, cash, shares of our common stock or a
combination of cash and shares of our common stock, at our election.
The Notes will mature on March 15, 2019. The offering is expected to
close on or about March 17, 2014, subject to customary closing
conditions. 
ARI intends to use the net proceeds from the offering to repay
amounts outstanding under the Company's repurchase facility with
JPMorgan Chase Bank, N.A. and the balance to acquire the Company's
target assets, which include commercial first mortgage loans,
subordinate financings, commercial mortgage-backed securities and
other commercial real estate-related debt investments, and for
general corporate purposes.  
J.P. Morgan, BofA Merrill Lynch and Citigroup are the joint
book-running managers for the offering.  
A registration statement relating to these securities has been
declared effective by the Securities and Exchange Commission. The
offering will be made only by means of a prospectus supplement and
accompanying prospectus, which have been filed with the Securities
and Exchange Commission. A copy of the 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; BofA
Merrill Lynch, Attention: Prospectus Department, 222 Broadway, New
York, NY 10038, Email: dg.prospectus_requests@baml.com; or Citigroup,
c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717 or by calling 800-831-9146, Email:
BATProspectusdept@citi.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, invests in, acquires and manages
performing commercial real estate first mortgage loans, subordinate
financings, commercial mortgage-backed securities 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.  
Forward-Looking Statements
 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 offering and whether or not the
Company will consummate the offering. 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. 
CONTACT:
Hilary Ginsberg
(212) 822-0767 
 
 
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