Business Context and Reporting Period
This Form 8-K was filed by Apollo Investment Corporation on April 4, 2006, reporting events occurring on March 31, 2006. The filing details a material amendment to the company's senior secured revolving credit facility.
Key Financial Metrics
The filing focuses on debt capacity and liquidity rather than operating performance metrics.
- Revolving Credit Facility: Increased from $900,000,000 to $1,250,000,000.
- Expansion Capacity: The agreement allows for future commitments up to an aggregate of $2,000,000,000.
- Pricing: Remains at 100 basis points over LIBOR.
- Maturity Date: Extended from April 14, 2010, to April 13, 2011.
- Revenue, Profit, Cash Flow, Margins: The filing text does not provide a clear value for these operating metrics.
Material Changes
The primary material change is the amendment and restatement of the credit facility. This action increases total available commitments by $350,000,000 and extends the maturity horizon by approximately one year. The facility is designated to supplement equity capital for additional portfolio investments.
Outlook, Risks, and Management Commentary
Management intends to use the expanded facility to fund portfolio investments. The filing includes standard forward-looking statements, noting that actual results may differ materially due to various risks and uncertainties. The company explicitly states it undertakes no duty to update forward-looking statements made in the report.
Investor Verification Checklist
- Verify the specific terms of the Amended and Restated Credit Agreement (Exhibit 99.2) for covenants and conditions.
- Confirm the current utilization rate of the $1,250,000,000 facility to assess immediate liquidity.
- Review the press release (Exhibit 99.1) for additional context on the strategic use of funds.
- Monitor future filings for any drawdowns or further expansions up to the $2,000,000,000 aggregate limit.