other material
confidence high
sentiment positive
materiality 0.70
ARI exchanges 6.77M shares of 8% Series B Preferred for new 7.25% Series B-1 Preferred
Apollo Commercial Real Estate Finance, Inc.
- Issued 6,770,393 shares of 7.25% Series B-1 Preferred in exchange for same number of 8% Series B Preferred held by Qatari government entities.
- New preferred has $25 liquidation preference, cumulative 7.25% dividend ($1.8125/yr), payable quarterly; first dividend Oct 15, 2021.
- Company may optionally redeem Series B-1 after July 15, 2026 at $25/share; mandatory redemption on change of control if majority holders elect.
- Registration rights agreement filed: company must use commercially reasonable efforts to file resale shelf registration within 180 days.
- Exchange exempt from registration under Securities Act Section 3(a)(9); no commissions paid.