Apollo Commercial flexes $300 million term loan to Libor plus 300 bps

By Sara Rosenberg

New York, March 9 – Apollo Commercial Real Estate Finance Inc. reduced pricing on its $300 million incremental term loan (Ba2/B+) to Libor plus 300 basis points from talk in the range of Libor plus 350 bps to 375 bps, according to a market source.

The term loan still has a 0.5% Libor floor and an original issue discount of 99.

JPMorgan Chase Bank is the lead on the deal.

Proceeds will be used to paydown secured financing and for general corporate purposes.

Apollo Commercial is a New York-based commercial real estate finance company.

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