By Lisa Kerner
Charlotte, N.C., Oct. 5 - Apollo Investment Corp. announced the issue of an additional $45 million of senior secured notes in a private placement to new and existing lenders.
The notes were issued as follows:
• $29 million of notes with a fixed interest rate of 5.875% and a maturity date of Sept. 29, 2016; and
• $16 million of notes with a fixed interest rate of 6.25% and a maturity date of Sept. 29, 2018.
Proceeds will be used to fund new portfolio investments, reduce outstanding borrowings on Apollo's revolving credit facility and for general corporate purposes.
Apollo may prepay the notes, in whole or in part, at any time at a price equal to 100% of the principal amount being prepaid plus accrued interest and a make-whole amount, according to a company news release.
"The additional placement continues to diversify our lender base and further extends the duration of our liabilities," chief executive officer James C. Zelter said in the release.
Apollo is a New York-based closed-end investment company.
| Issuer: | Apollo Investment Corp.
|
| Issue: | Senior secured notes
|
| Total amount: | $45 million
|
| Call option: | At par plus make-whole amount
|
| Distribution: | Private placement
|
|
|
| Five-year notes
|
| Amount: | $29 million
|
| Maturity: | Sept. 29, 2016
|
| Coupon: | 5.875%
|
|
|
| Seven-year notes
|
| Amount: | $16 million
|
| Maturity: | Sept. 29, 2018
|
| Coupon: | 6.25%
|
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