Banking, finance, and taxes
Apollo Sells Stock, Pays Down Debt (AINV)
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Apollo Investment Corporation (NASDAQ: AINV) has priced its proposed secondary stock offering this morning. The company sold 22,327,500 shares at an offering price of $17.11 per share, in an approximate $382 million of gross proceeds. As far as how this compares to the overall size of the company, Apollo’s market cap is roughly $2 Billion.
Leon Black, Chairman & CEO of "AGM" and Joshua Harris, President of "AGM" have each subscribed for $10 million and $2.5 million, respectively, at the offering price of $17.11 per share.
Net proceeds of the offering to repay debt owed under its senior credit facility, to make investments in portfolio companies, and for general corporate purposes.
J.P. Morgan was the sole book-runners, and co-managers were listed as Keefe Bruyette & Woods, SunTrust Robinson Humphrey, and BB&T Capital Markets.
Shares are down almost 1% at $17.12; the 52-week trading range is $12.49 to $24.17.
You can join our open email distribution list to hear about other secondary offerings, special financings, mergers, IPO’s, spin-offs, and other special situations.
Jon C. Ogg
May 13, 2008
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