Apollo Investment To Sell $150M In Convertible Senior Notes Due 2016 – Reuters

Apollo Investment Corp. plans to raise $150 million through a private placement of convertible notes and the firm plans to use the capital to fund investments and repay debt, Reuters reported. Apollo Investments will sell senior unsecured convertible notes due 2016. Initial purchasers of these notes will have an option to purchase up to $22.5 million more of the notes’ principal.

* Says to privately offer convertible notes
* To use proceeds to fund investments, repay debt
* Stock down 3 pct after the bell

(Reuters) – Apollo Investment Corp (AINV.O: Quote, Profile, Research, Stock Buzz), a provider of financing to small and mid-sized businesses, said it will raise $150 million through a private placement of convertible notes to fund investments and repay debt, sending its shares down 3 percent in after-market trading.

The company said it intends to privately offer $150 million in aggregate principal amount of senior unsecured convertible notes due 2016. The initial purchasers also have an option to purchase up to an additional $22.5 million.

Apollo Investment Corp is managed by Apollo Investment Management — an affiliate of Apollo Global Management, the buyout firm run by investor Leon Black.

Apollo’s stock was down 3.2 percent at $11.32 in extended trading. The stock closed at $11.70 Wednesday on Nasdaq.

(Reporting by Abhinav Sharma in Bangalore; Editing by Jarshad Kakkrakandy)