Apollo Investment gets $1.14 billion four-year revolver via JPMorgan

By Sara Rosenberg

New York, May 24 - Apollo Investment Corp. closed on a new $1.14 billion four-year senior secured revolving credit facility on Wednesday, according to a 10-K filed with the Securities and Exchange Commission.

J.P. Morgan Securities LLC acted as the lead arranger on the deal.

Pricing on the facility is Libor plus 225 basis points.

The revolver has a one-year amortization period beginning in May 2015 and a $570 million accordion feature.

Covenants include minimum asset coverage and minimum equity requirements.

Proceeds were used to replace a previous credit facility that was priced at Libor plus 300 bps and will be available for general corporate purposes.

Apollo Investment is a New York-based closed-end investment company that provides private debt market solutions to middle market companies.

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