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Housing

Apollo’s New IPO: New MBS REIT (AMTG, APO)

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By Jon C. Ogg Published
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We have a new mortgage Real estate investment trust coming on the market.  Apollo Residential Mortgage, Inc. (NYSE: AMTG) is coming public after pricing its initial public offering of 10,000,000 shares at $20.00 per share. The company is externally managed and advised by ARM Manager, LLC, a recently formed indirect subsidiary of Apollo Global Management, LLC (NYSE: APO).

The estimated net proceeds raised after the related expenses should be about $203 million.  Proceeds will be deployed mostly for the purchase of Agency MBS assets.  A 250,000 share private placement is being conducted with the offering as well under the same terms to certain affiliates and personnel of Apollo.

Morgan Stanley, Credit Suisse, and J.P. Morgan are the joint book runners of the offering. Co-managers are listed as JMP Securities, Nomura Securities, Stifel Nicolaus, and RBS Securities.

JON C. OGG

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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