Madison Capital, Apollo Investment Launch Senior Loan Vehicle

Apollo Investment Corp. has become the anchor equity investor in a loan vehicle managed by Madison Capital. The vehicle has acquired from Madison Capital a pool of senior secured loans to middle market companies in the U.S. that are valued at $250 million. The vehicle will have revolving secured financing provided by Wells Fargo Bank, National Association and Madison Capital.  Apollo Investment, an affiliate of Apollo Global Management, provides debt to middle market companies.

PRESS RELEASE

Apollo Investment Corporation (AINV) and Madison Capital

Funding LLC (“Madison Capital”), are pleased to announce the successful closing today

of a transaction whereby Apollo Investment Corporation has become the anchor equity

investor in a loan vehicle managed by an affiliate of Madison Capital1.  Madison Capital

is one of the largest middle market loan originators in the United States, and an affiliate

of New York Life Investments2

In addition, Apollo Global Management, LLC (NYSE: APO) (collectively with its

subsidiaries “Apollo”), and Madison Capital are looking to build on this transaction to

develop additional opportunities in the middle market lending arena on behalf of our

respective clients.

. This new vehicle has purchased from Madison Capital

an existing pool of senior secured loans to middle market companies in the United

States with approximately $250 million of combined face value.  These loans were

originated by Madison Capital over the past year.  The new vehicle will have revolving

secured financing provided by Wells Fargo Bank, National Association and by Madison

Capital.

“We are honored to have been selected by Apollo to combine our consistent approaches

in accessing the middle market leveraged lending space,” said Trevor Clark, CEO and

senior managing director at Madison Capital. “Apollo is among the most reputable and

successful investment management firms in the world. Madison Capital remains firmly

committed to the middle market private equity community, and this newly formed

relationship will serve to enhance our market leading capabilities by enabling us to

commit larger positions in the credit facilities that we lead or co-lead.”

Marc Rowan, senior managing director at Apollo Global Management, said, “We are

very pleased that we are working with Madison Capital, which is a highly respected and

leading middle market loan originator with an outstanding track record.  We look forward

to identifying other opportunities with Madison Capital and believe our relationship will

bolster our access to middle market loans on behalf of our clients.”

James Zelter, managing director of Capital Markets at Apollo Global Management and

Apollo Investment Corporation’s CEO, said, “Apollo Investment Corporation’s investment

in this new loan vehicle managed by an affiliate of Madison Capital is consistent with our

core strategic objective of broadening our exposure to proprietarily originated middle

market senior secured loans.  In addition, this investment will enable us to expand our

footprint and further diversify our loan portfolio.”

About Madison Capital Funding LLC 

Madison Capital is a premier finance company focused exclusively on the corporate 

financing needs of middle market private equity firms. Madison Capital has closed 

transactions with over 175 different private equity firms and provides enterprise-value 

leveraged financing for acquisitions, recapitalizations, MBOs and LBOs. The company 

was formed in April 2001 by a group of experienced professionals drawn from a number 

of leading investment banking and lending institutions. Madison Capital is based in 

Chicago, Illinois. Additional information may be found at: www.mcfllc.com. 

About Apollo Global Management 

Apollo (NYSE: APO) is a leading global alternative investment manager with offices in 

New York, Los Angeles, Houston, London, Frankfurt, Luxembourg, Singapore, Mumbai 

and Hong Kong. Apollo had assets under management of more than $75 billion as of 

December 31, 2011, in private equity, credit-oriented capital markets and real estate 

funds invested across a core group of nine industries where Apollo has considerable 

knowledge and resources. For more information about Apollo, please 

visit http://www.agm.com. 

About Apollo Investment Corporation 

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 about Apollo, please 

visit http://www.apolloic.com.