NEW YORK, NY--(Marketwire -04/02/12)- Apollo Investment Corporation (NASDAQ: AINV - News) or "AIC" and Apollo Global Management, LLC (NYSE: APO - News) today announced that a subsidiary of Apollo Global Management, LLC has purchased approximately $50 million, or approximately 5.9 million newly issued shares, of Apollo Investment Corporation's common stock, at net asset value ("NAV"). Management estimates that NAV per share was approximately $8.45 as of March 31, 2012. The final number of shares and dollar amount will be subject to adjustment based on the final net asset value as of March 31, 2012 to be determined by AIC's Board of Directors.
AIC's Investment Advisor, Apollo Investment Management, L.P., or "AIM", is waiving the base management and incentive fees associated with this equity capital for a one year period.
Proceeds from this equity sale will be used to capitalize on various proprietary market opportunities available to Apollo Investment Corporation. AIC also announced today that it is no longer considering raising additional equity capital through other means at this time.
James Zelter, Apollo Investment Corporation's Chief Executive Officer, said, "We are extremely pleased that Apollo Global Management is making this significant investment that reflects its deep commitment to AIC and the value of its integrated investment platform. Given the breadth of investment opportunities that we have identified, we expect to deploy this capital into a wider array of proprietary private debt investment strategies and expand our footprint across a broader range of industries."
"This investment further demonstrates our support for Apollo Investment Corporation, which is Apollo's flagship private debt vehicle," said Marc Rowan, Senior Managing Director at Apollo Global Management. "We believe shareholders of Apollo Global Management will continue to benefit from AIC's competitive advantage stemming from the long duration of its capital, particularly as opportunities arise amid the changing roles of banks and traditional financial service companies following the global credit crisis. By providing proprietary access to our integrated platform and expertise, Apollo believes it will help generate significant value for AIC's shareholders."
About Apollo Global Management
Apollo (NYSE: APO - News) is a leading global alternative investment manager with offices in New York, Los Angeles, Houston, London, Frankfurt, Luxembourg, Singapore, Mumbai and Hong Kong. Apollo had assets under management of more than $75 billion as of December 31, 2011, in private equity, credit-oriented capital markets and real estate funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit http://www.agm.com.
About Apollo Investment Corporation
Apollo Investment Corporation (NASDAQ: AINV - News) 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 provides private debt market solutions to middle market companies in the form of senior secured, mezzanine and asset based loans and may also acquire equity interests. 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 Management, L.P., a leading private equity investor. For more information about Apollo, please visit http://www.apolloic.com.
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