Apollo Senior Floating Rate Fund Inc. (NYSE: AFT) and Apollo
Tactical Income Fund Inc. (NYSE: AIF) (AFT and AIF, together, the
“CEFs”) today announced that both CEFs received stockholder
approval of the necessary proposals related to their previously
announced mergers with and into MidCap Financial Investment
Corporation (NASDAQ: MFIC) at the AFT and AIF special meetings of
stockholders reconvened on June 21, 2024. Approximately 88% of
AFT’s common shares represented at its special meeting (excluding
votes abstained or withheld), or approximately 53% of AFT’s common
shares outstanding, voted in favor of the proposal, satisfying
AFT’s stockholder approval requirement. Approximately 87% of AIF’s
common shares represented at its special meeting (excluding votes
abstained or withheld), or approximately 53% of AIF’s common shares
outstanding, voted in favor of the proposal, satisfying AIF’s
stockholder approval requirement.
The final voting results are subject to
certification by the inspector of election of the AFT and AIF
special meetings of stockholders.
As previously announced, MFIC’s stockholders
approved the necessary proposal related to the mergers of the CEFs
with and into MFIC at a special meeting of stockholders held on May
28, 2024.
The mergers are currently expected to close in
late July, subject to satisfaction of customary closing conditions.
Following the closing of the mergers, the surviving entity will
continue to trade on the Nasdaq Global Select Market under the
ticker symbol “MFIC.”
Upon the closing of the mergers, stockholders of
AFT and AIF will receive a number of MFIC shares with a net asset
value (“NAV”) equal to the NAV of the shares they hold in each
respective CEF, with the applicable NAVs to be determined shortly
before closing. The NAVs per share for the CEFs used in determining
these amounts will be adjusted for the distribution of any
previously undistributed net investment income and capital gains
prior to closing.
Lazard served as financial advisor and Proskauer
Rose LLP as legal counsel to the special committee of MFIC. Keefe,
Bruyette & Woods Inc., A Stifel Company, served as financial
advisor and Dechert LLP as legal counsel to the special committees
of the CEFs. Simpson Thacher & Bartlett LLP served as legal
counsel to MFIC, AFT and AIF with respect to the mergers.
About MidCap Financial Investment
Corporation
MidCap Financial Investment Corporation (NASDAQ:
MFIC) is a closed-end, externally managed, diversified management
investment company that has elected to be treated as a business
development company (“BDC”) under the Investment Company Act of
1940 (the “1940 Act”). For tax purposes, MFIC has elected to be
treated as a regulated investment company (“RIC”) under Subchapter
M of the Internal Revenue Code of 1986, as amended (the “Code”).
MFIC is externally managed by Apollo Investment Management, L.P.
(the “MFIC Adviser”), an affiliate of Apollo Global Management,
Inc. and its consolidated subsidiaries (“Apollo”), a high-growth
global alternative asset manager. MFIC’s investment objective is to
generate current income and, to a lesser extent, long-term capital
appreciation. MFIC primarily invests in directly originated and
privately negotiated first lien senior secured loans to privately
held U.S. middle-market companies, which MFIC generally defines as
companies with less than $75 million in EBITDA, as may be adjusted
for market disruptions, mergers and acquisitions-related charges
and synergies, and other items. To a lesser extent, MFIC may invest
in other types of securities including, first lien unitranche,
second lien senior secured, unsecured, subordinated, and mezzanine
loans, and equities in both private and public middle market
companies. For more information, please visit
www.midcapfinancialic.com.
About Apollo Senior Floating Rate Fund
Inc.
Apollo Senior Floating Rate Fund Inc. (NYSE:
AFT) is registered under the 1940 Act as a diversified closed-end
management investment company. AFT’s investment objective is to
seek current income and preservation of capital by investing
primarily in senior, secured loans made to companies whose debt is
rated below investment grade and investments with similar economic
characteristics. Senior loans typically hold a first lien priority
and pay floating rates of interest, generally quoted as a spread
over a reference floating rate benchmark. Under normal market
conditions, AFT invests at least 80% of its managed assets (which
includes leverage) in floating rate senior loans and investments
with similar economic characteristics. Apollo Credit Management,
LLC, an affiliate of Apollo, serves as AFT’s investment adviser.
For tax purposes, AFT has elected to be treated as a RIC under the
Code. For more information, please visit
www.apollofunds.com/apollo-senior-floating-rate-fund.
About Apollo Tactical Income Fund
Inc.
Apollo Tactical Income Fund Inc. (NYSE: AIF) is
registered under the 1940 Act as a diversified closed-end
management investment company. AIF’s primary investment objective
is to seek current income with a secondary objective of
preservation of capital by investing in a portfolio of senior
loans, corporate bonds and other credit instruments of varying
maturities. AIF seeks to generate current income and preservation
of capital primarily by allocating assets among different types of
credit instruments based on absolute and relative value
considerations. Under normal market conditions, AIF invests at
least 80% of its managed assets (which includes leverage) in credit
instruments and investments with similar economic characteristics.
Apollo Credit Management, LLC, an affiliate of Apollo, serves as
AIF’s investment adviser. For tax purposes, AIF has elected to be
treated as a RIC under the Code. For more information, please visit
www.apollofunds.com/apollo-tactical-income-fund.
Forward-Looking Statements
Some of the statements in this press release
constitute forward-looking statements because they relate to future
events, future performance or financial condition. The
forward-looking statements may include statements as to: future
operating results of MFIC, AFT and AIF, and distribution
projections; business prospects of MFIC, AFT and AIF, and the
prospects of their portfolio companies, if applicable; and the
impact of the investments that MFIC, AFT and AIF expect to make. In
addition, words such as “anticipate,” “believe,” “expect,” “seek,”
“plan,” “should,” “estimate,” “project” and “intend” indicate
forward-looking statements, although not all forward-looking
statements include these words. The forward-looking statements
contained in this press release involve risks and uncertainties.
Certain factors could cause actual results and conditions to differ
materially from those projected, including those set forth in the
“Special Note Regarding Forward-Looking Statements” section in our
registration statement on Form N-14 (333-275640) previously filed
with the Securities and Exchange Commission (the “SEC”). MFIC, AFT
and AIF have based the forward-looking statements included in this
press release on information available to them on the date hereof,
and they assume no obligation to update any such forward-looking
statements. Although MFIC, AFT and AIF undertake no obligation to
revise or update any forward-looking statements, whether as a
result of new information, future events or otherwise, you are
advised to consult any additional disclosures that they may make
directly to you or through reports that MFIC, AFT, and/or AIF in
the future may file with the SEC, including annual reports on Form
10-K, annual reports on Form N-CSR, quarterly reports on Form 10-Q,
semi-annual reports on Form N-CSRS and current reports on Form
8-K.
Contact
Elizabeth BesenInvestor Relations Manager for
MFIC, AFT and AIF 212.822.0625ebesen@apollo.com
Apollo Tactical Income (NYSE:AIF)
Historical Stock Chart
From Sep 2024 to Oct 2024
Apollo Tactical Income (NYSE:AIF)
Historical Stock Chart
From Oct 2023 to Oct 2024