This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Apollo Senior Floating Rate Fund Inc. Closes Credit Facility And Issuance Of Series A Preferred Stock

Apollo Senior Floating Rate Fund Inc. (the “Fund”) today announced the closing of a credit facility and the issuance of shares of its Series A Preferred Stock. The Fund is a closed-end management investment company investing primarily in a portfolio of senior secured floating rate loans with the objective of current income and preservation of capital. Shares of the Fund’s common stock began trading on February 24, 2011 on the New York Stock Exchange (NYSE) under the symbol “AFT”.

The Fund entered into a $137,950,000 credit facility with Wells Fargo Bank, National Association (“Wells Fargo”), as lender, and Wells Fargo Securities LLC, as administrative agent. The Fund may borrow under the credit facility on a revolving basis until June 24, 2011. Any loans outstanding under the credit facility must be repaid in full in March 2015. The loans generally bear interest at a rate of the 3-month London Interbank Offered Rate (“LIBOR”) plus an applicable margin rate initially set at 1.40%. On or before April 8, 2011, the Fund may increase Wells Fargo’s total aggregate commitment to an amount determined pursuant to a formula set forth in the credit facility based on the number of shares of the Fund’s common stock issued by April 8, 2011. The credit facility contains customary affirmative and negative covenants, including limitations on debt, liens and restricted payments, as well as certain portfolio limitations and customary prepayment provisions, including a requirement to prepay loans or take certain other actions if certain asset value tests are not met.

The Fund also issued shares of the Fund’s Series A Preferred Stock to Wells Fargo with an aggregate liquidation preference of $20,620,000. The Series A Preferred Stock generally is entitled to quarterly dividends at a floating rate of 1.90% plus 3-month LIBOR, subject to adjustment for unpaid dividends. In the event that the Fund chooses to increase Wells Fargo’s total aggregate commitment under the credit facility as described above, the Fund will also issue to Wells Fargo additional shares of Series A Preferred Stock. The preferences, rights, powers and other terms applicable to the Series A Preferred Stock are set forth in the Articles Supplementary filed with the State Department of Assessments and Taxation of Maryland today. No public offering of the Series A Preferred Stock is being made by the Fund.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs