Apollo Investment Corp. Raises $186 Million

Apollo Investment Corp. (Nasdaq: AINV), a business development company affiliated with private equity firm Apollo Management, has raised $186 million via a secondary offering of common stock. AINV priced 15 million shares at $12.40 per share.


Apollo Investment Corporation (the “Company”) (NASDAQ: AINV) announces that it has priced its public offering of 15.0 million shares of its common stock at an offering price of $12.40 per share, raising $186.0 million of gross proceeds. The Company has granted the underwriters an option to purchase up to an additional 2.25 million shares to cover over-allotments, if any. The offering is subject to customary closing conditions and is expected to close on May 3, 2010.

The Company expects to use the net proceeds of this offering to make investments in new and existing portfolio companies, repay indebtedness owed under the credit facility, and for general corporate purposes.

Citi, BofA Merrill Lynch, J.P. Morgan Securities Inc., RBC Capital Markets and UBS Investment Bank are joint bookrunning managers for the offering. BMO Capital Markets and Suntrust Robinson Humphrey are senior co-managers. Keefe, Bruyette & Woods, Ladenburg Thalmann & Co., Natixis Bleichroeder LLC and Stifel Nicolaus are co-managers. Investors are advised to carefully consider the investment objectives, risks and charges and expenses of Apollo Investment Corporation before investing. The prospectus contains this and other information about Apollo Investment Corporation and should be read carefully before investing.

This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the shares referred to in this press release in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction. A registration statement relating to these securities was filed and has been declared effective by the Securities and Exchange Commission.

A copy of the prospectus for the offering may be obtained from: Citi, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, New York 11220 (telephone number: 800-831-9146, email: batprospectusdept@citigroup.com); BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080, Attention: Preliminary Prospectus Department or email Prospectus.Requests@ml.com; J.P. Morgan Securities Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, (866) 803-9204; RBC Capital Markets Corporation, Three World Financial Center, 200 Vesey Street, 8th Floor, New York, NY 10281-8098, (212) 428-6670; UBS Investment Bank, 299 Park Avenue, New York, New York 10171, Attention: Prospectus Department, 1-888-827-7275.

About Apollo Investment Corporation

Apollo Investment Corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company’s investment portfolio is principally in middle-market private companies. From time to time, the Company may also invest in public companies. The Company invests primarily in senior secured loans and mezzanine loans and equity in furtherance of its business plan. Apollo Investment Corporation is managed by Apollo Investment Management, L.P., an affiliate of Apollo Management, L.P., a leading private equity investor.