Business Context and Reporting Period
This Form 8-K was filed by Apollo Investment Corporation on June 29, 2007. The report details the closing of the acquisition of Innkeepers USA Trust ("Innkeepers") by Grand Prix Holdings LLC, an affiliate of Apollo Investment Corporation.
Key Financial Metrics
The filing does not provide standard financial metrics such as revenue, profit, cash flow, margins, or debt levels for the reporting period. The primary financial data point disclosed is the transaction price for the acquisition.
- Acquisition Price: $17.75 per common share in cash.
- Additional Consideration: Assumption of Innkeepers' indebtedness.
Material Changes
The material change reported is the consummation of the merger previously announced. The Agreement and Plan of Merger was approved by Innkeepers' common shareholders at a special meeting on June 26, 2007, and the transaction closed on June 29, 2007.
Guidance, Outlook, and Risks
The filing contains no specific financial guidance or management commentary regarding future operational performance. It includes a standard disclaimer regarding forward-looking statements, noting that actual results may differ materially due to various risks and uncertainties described in other SEC filings. The company explicitly states it undertakes no duty to update forward-looking statements.
Investor Verification Checklist
- Verify the exact amount of indebtedness assumed by Grand Prix Holdings LLC as part of the transaction.
- Confirm the total aggregate cash consideration paid based on the number of Innkeepers shares outstanding.
- Review the attached press release (Exhibit 99.1) for additional terms of the merger agreement.
- Check subsequent filings for the impact of this acquisition on Apollo Investment Corporation's consolidated balance sheet.