AIF - MidCap Financial Investment Corporation Apollo Senior Floating Rate Fund Inc. and Apollo Tactical Income Fund Inc. Announce Expected Closing Date for Mergers | Benzinga
NEW YORK, July 12, 2024 (GLOBE NEWSWIRE) -- MidCap Financial Investment Corporation (NASDAQ:MFIC), 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 the previously announced mergers of the CEFs with and into MFIC are currently expected to close, subject to the satisfaction of customary closing conditions, prior to the opening of the Nasdaq Global Select Market on Monday, July 22, 2024.
In addition, as previously announced, an affiliate of Apollo Global Management Inc. will make a special cash payment of $0.25 per share to each AFT and AIF stockholder in connection with (and subject to) the closing, which will be payable on or around July 22, 2024, to AFT and AIF stockholders of record as of the closing date of the mergers. The $0.25 per share special payment is in addition to the previously declared pre-merger distributions which were declared on July 1, 2024, and which are listed below.
Apollo Senior Floating Rate Fund Inc.
Ex-Dividend Date: July 11, 2024
Record Date: July 11, 2024
Payment Date: July 18, 2024
Distribution Amount Per Share: $0.2463
Apollo Tactical Income Fund Inc.
Ex-Dividend Date: July 11, 2024
Record Date: July 11, 2024
Payment Date: July 18, 2024
Distribution Amount Per Share: $0.2862
Upon the closing of the mergers, stockholders of each CEF will receive a number of MFIC shares based on the ratio of the net asset value ("NAV") per share of the applicable CEF divided by the NAV per share of MFIC, with the applicable NAVs to be determined shortly before closing (such ratios, the "Exchange Ratios"). The final Exchange Ratios will be announced in a future press release.
Following the closing of the mergers, the common stock of MFIC, as the surviving entity, will continue to trade on the Nasdaq Global Select Market under the ticker symbol "MFIC." Shares of AFT and AIF common stock are expected to cease trading on The New York Stock Exchange following the close of regular trading on July 19, 2024.
In connection with the mergers, Lazard served as financial advisor and Proskauer Rose LLP as legal counsel to ...