Apollo Investment Corporation Expands Stock Repurchase Program
September 15 2016 - 5:00PM
Business Wire
Apollo Investment Corporation (NASDAQ: AINV) or the “Company,”
today announced that its Board of Directors has expanded the
Company’s stock repurchase program by $50 million to $150 million.
As of the close of business today and since the inception of the
stock repurchase program, the Company has repurchased approximately
$86.2 million of common stock. The Company’s common shares
outstanding as of the close of business today were approximately
222.1 million, a reduction of approximately 6.2% as a result of
stock repurchases.
Mr. James Zelter, Apollo Investment’s Chief Executive Officer,
commented, “We are pleased to expand our share repurchase program
which we consider to be a key component of our strategy to deliver
value to our shareholders.”
Under the stock repurchase program, the Company may, but is not
obligated to, repurchase its outstanding common stock in the open
market from time to time provided that the Company complies with
the prohibitions under its insider trading policies and the
requirements of Rule 10b-18 of the Securities Exchange Act of 1934,
as amended, (“the Exchange Act”), including certain price, market
volume and timing constraints. The Company intends to allocate a
portion of the authorized amounts under the stock repurchase
program to be repurchased in accordance with Rule 10b5-1 of the
Exchange Act (the “10b5-1 Plan”). The stock repurchase program and
the 10b5-1 Plan are designed to allow the Company to repurchase its
shares both during its open window periods and at times when it
otherwise might be prevented from doing so under applicable insider
trading laws or because of self-imposed trading blackout periods.
The stock repurchase program does not have an expiration date and
may continue to be modified or discontinued at any time.
About Apollo Investment Corporation
Apollo Investment Corporation (NASDAQ: AINV) is a closed-end
investment company that has elected to be treated as a business
development company under the Investment Company Act of 1940. The
Company invests primarily in various forms of debt investments,
including secured and unsecured debt, loan investments, and/or
equity in private middle-market companies. The Company may also
invest in the securities of public companies and structured
products and other investments such as collateralized loan
obligations and credit-linked notes. The Company seeks to provide
private financing solutions for private companies that do not have
access to the more traditional providers of credit. Apollo
Investment Corporation is managed by Apollo Investment Management,
L.P., an affiliate of Apollo Global Management, LLC, a leading
global alternative investment manager. For more information, please
visit www.apolloic.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements involve risks and uncertainties,
including, but not limited to, statements as to our future
operating results; our business prospects and the prospects of our
portfolio companies; the impact of investments that we expect to
make; our contractual arrangements and relationships with third
parties; the dependence of our future success on the general
economy and its impact on the industries in which we invest; the
ability of our portfolio companies to achieve their objectives; our
expected financings and investments; the adequacy of our cash
resources and working capital; and the timing of cash flows, if
any, from the operations of our portfolio companies.
We may use words such as “anticipates,” “believes,” “expects,”
“intends,” “will,” “should,” “may” and similar expressions to
identify forward-looking statements. Such statements are based on
currently available operating, financial and competitive
information and are subject to various risks and uncertainties that
could cause actual results to differ materially from our historical
experience and our present expectations. Statements regarding the
following subjects, among others, may be forward-looking: the
return on equity; the yield on investments; the ability to borrow
to finance assets; new strategic initiatives; the ability to
reposition the investment portfolio; the market outlook; future
investment activity; and risks associated with investing in real
estate assets, including changes in business conditions and the
general economy. Undue reliance should not be placed on such
forward-looking statements as such statements speak only as of the
date on which they are made. We do not undertake to update our
forward-looking statements unless required by law.
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version on businesswire.com: http://www.businesswire.com/news/home/20160915006581/en/
Apollo Investment CorporationElizabeth Besen,
212-822-0625Investor Relations Managerebesen@apollolp.com
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