AIF - Apollo Senior Floating Rate Fund Inc. and Apollo Tactical Income Fund Inc. Announce Stockholder Approval of Mergers with MidCap Financial Investment Corporation | Benzinga
NEW YORK, June 21, 2024 (GLOBE NEWSWIRE) -- Apollo Senior Floating Rate Fund Inc. (NYSE:AFT) and Apollo Tactical Income Fund Inc. (NYSE:AIF) (AFT and AIF, together, the "CEFs") today announced that both CEFs received stockholder approval of the necessary proposals related to their previously announced mergers with and into MidCap Financial Investment Corporation (NASDAQ:MFIC) at the AFT and AIF special meetings of stockholders reconvened on June 21, 2024. Approximately 88% of AFT's common shares represented at its special meeting (excluding votes abstained or withheld), or approximately 53% of AFT's common shares outstanding, voted in favor of the proposal, satisfying AFT's stockholder approval requirement. Approximately 87% of AIF's common shares represented at its special meeting (excluding votes abstained or withheld), or approximately 53% of AIF's common shares outstanding, voted in favor of the proposal, satisfying AIF's stockholder approval requirement.
The final voting results are subject to certification by the inspector of election of the AFT and AIF special meetings of stockholders.
As previously announced, MFIC's stockholders approved the necessary proposal related to the mergers of the CEFs with and into MFIC at a special meeting of stockholders held on May 28, 2024.
The mergers are currently expected to close in late July, subject to satisfaction of customary closing conditions. Following the closing of the mergers, the surviving entity will continue to trade on the Nasdaq Global Select Market under the ticker symbol "MFIC."
Upon the closing of the mergers, stockholders of AFT and AIF will receive a number of MFIC shares with a net asset value ("NAV") equal to the NAV of the shares they hold in each respective CEF, with the applicable NAVs to be determined shortly before closing. The NAVs per share for the CEFs used in determining these amounts will be adjusted for the distribution of any previously undistributed net investment income and capital gains prior to closing.
Lazard served as financial advisor and Proskauer Rose LLP as legal counsel to the special committee of MFIC. Keefe, Bruyette & Woods Inc., A Stifel Company, served as financial advisor and Dechert LLP as legal counsel to the ...