SEC Filing Summary: Apollo Investment Corporation
Business Context and Reporting Period
This Form 8-K Current Report was filed by Apollo Investment Corporation on June 17, 2013. The filing reports the execution of a Second Supplemental Indenture with U.S. Bank National Association regarding a new debt issuance. Note: The request metadata referenced "Midcap Financial Investment Corp," but the filing text explicitly identifies the registrant as Apollo Investment Corporation.
Key Financial Metrics and Transaction Details
- Debt Issuance: $135,000,000 aggregate principal amount of 6.875% Senior Notes due 2043.
- Overallotment Option: Underwriters granted an option to purchase up to an additional $20,250,000.
- Interest Rate: 6.875% per annum, payable quarterly.
- Maturity Date: July 15, 2043.
- Redemption Terms: Callable at the Company's option on or after July 15, 2018, at a price of $25 per security plus accrued interest.
- Use of Proceeds: Repayment of outstanding indebtedness under the Company's revolving credit facility.
- Liquidity and Cash Flow: The filing text does not provide specific values for revenue, profit, operating cash flow, or current liquidity ratios.
Material Changes
The primary material change is the addition of a new long-term debt obligation. The Company has increased its leverage by issuing senior notes to refinance or reduce short-term revolving credit facility debt. No other material changes to operations or financial position are detailed in this specific report.
Outlook, Risks, and Contingencies
The transaction closed on June 17, 2013. The Indenture includes covenants requiring compliance with the Investment Company Act of 1940 and mandates the provision of financial information to noteholders if the Company ceases to be subject to Exchange Act reporting requirements. The filing notes that covenants are subject to important limitations and exceptions described in the full Indenture text.
Key Facts for Investor Verification
- Verify the exact amount of revolving credit facility debt repaid with the net proceeds.
- Confirm the impact of the new 6.875% interest obligation on the Company's overall cost of capital.
- Review the full Second Supplemental Indenture (Exhibit 4.1) for specific limitations on the redemption covenants.
- Check subsequent filings to determine if the underwriters exercised the $20,250,000 overallotment option.