NEW YORK--(BUSINESS WIRE)--
(AIF) - Apollo Tactical Income Fund Inc. (the “Fund”) today announced the closing of a credit facility. The Fund is a closed-end management investment company investing primarily in a portfolio of senior loans and high yield corporate bonds with the primary objective to seek current income with a secondary objective of preservation of capital. Shares of the Fund’s common stock began trading on February 26, 2013 on the New York Stock Exchange (NYSE) under the symbol “AIF”.
The Fund entered into a $138 million credit facility with JPMorgan Chase Bank, N.A. as lender and administrative agent. The Fund may borrow under the credit facility on a revolving basis until April 26, 2015. Any loans outstanding under the credit facility must be repaid in full on April 26, 2015. The loans generally bear interest at a rate of the 3-month London Interbank Offered Rate (“LIBOR”) plus an applicable margin rate initially set at 1.20%. The credit facility contains customary affirmative and negative covenants, including limitations on debt, liens and restricted payments, as well as certain portfolio limitations and customary prepayment provisions, including a requirement to prepay loans or take certain other actions if certain asset value tests are not met.
Apollo Credit Management, LLC, an affiliate of Apollo Global Management, LLC, is the Fund’s investment adviser.
The Fund is a newly organized, non-diversified, closed-end management investment company with a limited operating history. Investors should consider the investment objectives and policies, risk considerations, charges and expenses of the Fund carefully before investing. For a prospectus which contains this and other information relevant to an investment in the Fund’s common stock, please contact your securities representative. Investors should read the prospectus carefully before they invest. There can be no assurance the Fund’s investment objectives will be obtained.
This press release may contain statements that are forward looking, as that term is defined by the Private Securities Litigation Reform Act of 1995 or by the Securities and Exchange Commission in its rules, regulations and releases. These statements include, but are not limited to, discussions related to the Fund’s expectations regarding the performance of its business, its liquidity and capital resources and the other non-historical statements in the discussion and analysis. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this release, the words “believe,” “anticipate,” “estimate,” “expect,” “intend” and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are subject to certain risks, uncertainties and assumptions, including risks relating to our dependence on certain key personnel, our ability to raise new Private Equity or Capital Markets funds, market conditions, generally, our ability to manage our rapid growth, fund performance, changes in our regulatory environment and tax status, the variability of our revenue, net income and cash flow, our use of leverage to finance our businesses and investments by our funds and litigation risks, among others.
- Investment & Company Information
- credit facility
Apollo Global Management, LLC
Gary M. Stein, 212-822-0467
Head of Corporate Communications