Apollo Investment extends revolver, increases it to $1.31 billion

By Angela McDaniels

Tacoma, Wash., April 24 – Apollo Investment Corp. amended and restated its revolving credit facility, increasing the total commitments to $1.31 billion from $1.27 billion and extending the final maturity to April 2020 from August 2018, according to a company news release.

The interest rate was changed from Libor plus 200 basis points to a formula-based calculation, based on a minimum borrowing base, resulting in an interest rate of either Libor plus 175 bps or Libor plus 200 bps. As of Friday, the interest rate is Libor plus 200 bps.

The revolver has an accordion feature whereby it can be expanded by 50% under certain conditions.

The revolver’s covenants include minimum asset coverage and minimum equity requirements.

In addition, two new lenders were added to revolver.

J.P. Morgan Securities LLC, SunTrust Robinson Humphrey, Inc. and Bank of America Merrill Lynch acted as arrangers. SunTrust Bank and Bank of America, NA acted as syndication agents. JPMorgan Chase Bank, NA will continue to act as administrative agent.

Apollo Investment is based in New York and invests primarily in debt investments, including secured and unsecured debt, loan investments, and/or equity in private middle-market companies.

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