NEW YORK, NY — (Marketwire) — 11/08/12 — Apollo Investment Corporation (NASDAQ: AINV)
(1)
Apollo Investment Corporation (NASDAQ: AINV) or the “Company,” “Apollo Investment,” “we,” or “our” today announced financial results for its second fiscal quarter ended September 30, 2012. The Company-s net investment income was $0.22 per share for the quarter ended September 30, 2012, and net asset value (“NAV”) was $8.46 per share as of September 30, 2012.
Additionally, the Company also announced that its Board of Directors has declared a dividend of $0.20 per share for the third fiscal quarter of 2013, payable on January 4, 2013 to stockholders of record as of December 18, 2012. The specific tax characteristics of this dividend will be reported to stockholders on Form 1099 after the end of the calendar year.
Mr. James Zelter, Apollo Investment Corporation-s Chief Executive Officer, said, “We continued to reposition the portfolio during the quarter, as we were able to take advantage of the rally in the credit markets to sell select investments and invest in securities where we see good risk adjusted returns. We have been able to improve our security position without sacrificing credit risk and with minimal impact to our overall portfolio yield. Looking ahead, we believe that we are well positioned to take advantage of future market opportunities.”
(1) For the quarter ended June 30, 2012, excludes net $0.01 per share, in non-recurring expenses related to the refinancing of its revolving credit facility.
The Company will host a conference call on Thursday, November 8, 2012 at 10:00 a.m. Eastern Time. All interested parties are welcome to participate in the conference call by dialing (888) 802-8579 approximately 5-10 minutes prior to the call; international callers should dial (973) 633-6740. Participants should reference Apollo Investment Corporation or Conference ID # 47486474 when prompted. A simultaneous webcast of the conference call will be available to the public on a listen-only basis and can be accessed through the Event Calendar in the Investor Relations section of our website at . Following the call you may access a replay of the event either telephonically or via audio webcast. The telephonic replay will be available approximately two hours after the live call and through November 22, 2012 by dialing (800) 585-8367; international callers please dial (404) 537-3406, reference Conference ID # 47486474. A replay of the audio webcast will also be available later that same day. To access the audio webcast please visit the Event Calendar in the Investor Relations section of our website at .
The Company provides a supplemental information package to offer more transparency into its financial results and make its reporting more informative and easier to follow. The supplemental package is available in the investor relations section of the Company-s website at .
During the three months ended September 30, 2012, we invested $395 million across 12 new and 11 existing portfolio companies, through a combination of primary and secondary market purchases. This compares to investing $403 million in 6 new and 8 existing portfolio companies for the three months ended September 30, 2011. Investments sold or prepaid during the three months ended September 30, 2012 totaled $343 million versus $387 million for the three months ended September 30, 2011.
At September 30, 2012, our portfolio consisted of 69 portfolio companies and was invested 37% in senior secured loans, 52% in subordinated debt, 1% in preferred equity and 10% in common equity and warrants measured at fair value versus 62 portfolio companies invested 30% in senior secured loans, 60% in subordinated debt, 1% in preferred equity and 9% in common equity and warrants measured at fair value at March 31, 2012.
The weighted average yields on our senior secured loan portfolio, subordinated debt portfolio and total debt portfolio as of September 30, 2012 at our current cost basis were 11.2%, 12.4% and 11.9%, respectively, exclusive of securities on non-accrual status. At September 30, 2011, the yields were 9.4%, 12.6% and 11.6%, respectively, exclusive of securities on non-accrual status.
Since the initial public offering of Apollo Investment in April 2004, and through September 30, 2012, invested capital totaled $9.4 billion in 188 portfolio companies. Over the same period, Apollo Investment completed transactions with more than 100 different financial sponsors.
Apollo Investment Corporation (NASDAQ: AINV) is a closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company provides private debt market solutions to middle market companies in the form of senior secured, mezzanine and asset based loans and may also acquire equity interests. The Company seeks to provide private financing solutions for private companies that do not have access to the more traditional providers of credit. Apollo Investment Corporation is managed by Apollo Investment Management, L.P., an affiliate of Apollo Global Management, LLC, a leading global alternative investment manager. For more information, please visit .
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, including, but not limited to, statements as to our future operating results; our business prospects and the prospects of our portfolio companies; the impact of investments that we expect to make; the dependence of our future success on the general economy and its impact on the industries in which we invest; the ability of our portfolio companies to achieve their objectives; our expected financings and investments; the adequacy of our cash resources and working capital; and the timing of cash flows, if any, from the operations of our portfolio companies.
We may use words such as “anticipates,” “believes,” “expects,” “intends,” “will,” “should,” “may” and similar expressions to identify forward-looking statements. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations. Undue reliance should not be placed on such forward-looking statements as such statements speak only as of the date on which they are made. We do not undertake to update our forward-looking statements unless required by law.
Elizabeth Besen
Investor Relations Manager
Apollo Investment Corporation
(212) 822-0625