Apollo Commercial raises conversion rate of 5.5% convertibles

New York, Oct. 11 – Apollo Commercial Real Estate Finance, Inc. increased the conversion rate of its 5.5% convertible senior notes due 2019, according to a news release.

Effective Sept. 28, the rate is 56.5584, increased from 55.9411.

The adjustment is a result of the cash dividend to be paid on Oct. 17 and the recognition of carried forward adjustments for dividends of $0.46 per share that were paid on April 15 and July 15.

Apollo Commercial is a New York-based real estate investment trust primarily invested in commercial real estate first mortgage loans, subordinate financings, commercial mortgage-backed securities and other commercial real estate-related debt investments.

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