Apollo Investment closes sale of stock |
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Thu, 18 Jan 2007 23:28
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NEW YORK (AFX) - Apollo Investment Corp., which invests in stocks and bonds, said Thursday it raised a net $385.7 million in a sale of 18 million shares of its stock.The company plans to use proceeds from the sale to pay down debt and invest in companies.The stock sale was underwritten by J.P. Morgan Securities Inc.; Citigroup; Banc of America Securities; Bear Stearns; Wachovia Capital Markets; SunTrust Capital Markets; RBC Capital Markets; BMO Capital Markets; UBS Securities; Merrill Lynch; Pierce, Fenner & Smith; Stifel Nicolaus; and Keefe, Bruyette & Woods.Apollo Investment, which initially planned to sell 16 million shares, last week increased the offering to 18 million shares. Last week, the company said it planned to sell the shares for $22.44 per share.If the underwriters exercise options to buy additional 2.7 million shares, Apollo will raise $442.9 million total through the sale.Apollo shares closed down 16 cents on the Nasdaq Stock Market to $21.92.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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