Apollo Commercial lifts term loan to $500 million, updates pricing

By Sara Rosenberg

New York, May 7 – Apollo Commercial Real Estate Finance Inc. upsized its seven-year senior secured term loan B to $500 million from $400 million and firmed pricing at Libor plus 275 basis points, the low end of the Libor plus 275 bps to 300 bps talk, according to a market source.

Also, the original issue discount on the term loan was revised to 99.5 from 99, the source said.

The term loan still has a 0% Libor floor and 101 soft call protection for six months.

J.P. Morgan Securities LLC is the lead bank on the deal.

Books were scheduled to close at 2 p.m. ET on Tuesday, the source added.

Proceeds will be used for general corporate purposes.

Apollo Commercial is a New York-based 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.

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