Business Context and Reporting Period
This Form 8-K was filed by Apollo Investment Corporation (not Midcap Financial Investment Corp) on March 8, 2005. The registrant is a closed-end investment company operating as a business development company, managed by Apollo Investment Management, L.P. Its business plan focuses on investing in middle-market private companies, primarily through senior secured loans, mezzanine loans, and equity.
Key Financial Metrics
The filing announces the establishment of a new credit facility rather than reporting periodic financial results.
- New Credit Facility: $800,000,000 five-year secured multi-currency revolving credit facility.
- Expected Closing Date: On or before April 15, 2005.
- Lead Arranger: J.P. Morgan Securities Inc.
- Administrative Agent: JPMorgan Chase Bank, N.A.
- Revenue, Profit, and Cash Flow: The filing text does not provide a clear value for these metrics.
Material Changes
The primary material change is the securing of lender commitments for the $800 million facility. Management stated this facility provides the capital necessary to execute the business plan through fiscal 2006. No prior comparable period financial data is included in this specific report.
Guidance, Outlook, and Risks
Management Commentary: CEO Michael Gross expressed satisfaction with the strong support from relationship banks, noting the facility's scale and duration.
Outlook: The capital is intended to support operations through fiscal 2006.
Risks and Contingencies: The filing includes standard forward-looking statements, warning that actual results may differ materially due to various risks and uncertainties. The company undertakes no duty to update these statements.
Investor Verification Checklist
- Verify the final closing date of the $800 million facility (expected by April 15, 2005).
- Confirm the specific interest rates and fees associated with the new credit facility.
- Review the covenants and collateral requirements attached to the secured facility.
- Check subsequent filings for the actual deployment of capital into the investment portfolio.