Apollo Investment to price $150 million five-year convertibles at 5.75%, up 17.5%

By Rebecca Melvin

New York, Jan. 19 - Apollo Investment Corp. plans to price $150 million of five-year senior convertible notes before the market open on Thursday that were talked to yield 5.75% with an initial conversion premium of 17.5%, according to a syndicate source.

The Rule 144A offering has a greenshoe of $22.5 million and is being sold via Morgan Stanley & Co. Inc. and RBC Capital Markets Corp.

The bonds are non-callable for life.

Proceeds will be used to fund new portfolio investments, to reduce outstanding borrowings and/or commitments on the company's revolving credit facility and for general corporate purposes.

Apollo is a New York-based closed-end investment company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.