UPDATE 1-Apollo Investment to offer 15 mln shares

* To offer 15 mln common shares

* To use proceeds to repay debt, fund investments

* Shares down 4 pct

Aug 11 (Reuters) - Business development company Apollo Investment Corp (AINV.O) said it plans to make a public offering of 15 million common shares.

Shares of the company fell 4 percent to $8.38 in trading after the bell Tuesday.

The company expects to use the net proceeds of this offering to repay debt, fund investments in portfolio companies and for general corporate purposes.

Apollo had said on Friday that it expects to invest in defence, consulting, education and healthcare industries.

The New York-based company also said it plans to grant the underwriters an option to purchase up to an additional 2.3 million shares of common stock to cover over-allotments.

Citi, Bank of America Merrill Lynch, JP Morgan Securities Inc and Wells Fargo Securities are joint bookrunning managers for the offering.

Apollo Investment Corp is managed by an affiliate of Apollo Global Management, the buyout firm run by investor Leon Black. (Reporting by Abhinav Sharma in Bangalore; Editing by Anil D'Silva)