Apollo to raise $98.2 million in stock offering

AP News
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Posted: Dec 09, 2009 8:06 PM

Apollo Investment Corp. priced its offering of 10 million shares of common stock at $9.82 per share Wednesday, putting the total amount it expects to raise at $98.2 million.

Apollo announced the offering Tuesday and said proceeds will be used to fund new investments, pay down debt and for general corporate purposes.

The stock offering is set to close Dec. 15.

Shares of Apollo rose 3 cent to $9.85 in after-hours trading. During the regular session, the stock dropped 28 cents, or 2.8 percent, to close at $9.82.