Wells Fargo Refinances Apollo's $298M MBS Debt‎

Law360, New York (January 12, 2012, 3:28 PM EST) -- Apollo Commercial Real Estate Finance Inc. has refinanced $298 million in commercial mortgage-backed securities debt outstanding under a loan facility with Wells Fargo Bank NA, replacing it with a new $264.4 million facility and extending its maturity date, the firm said Wednesday.

The move increases the advance rate, lowers the cost of borrowing and leaves Apollo with a current weighted average cost of funds of about 1.9 percent. It also adds five months to the facility's maturity rate, which will now expire in August 2013....
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