MidCap Financial Investment Corporation Announces Merger Agreements With Apollo Senior Floating Rate Fund Inc. And Apollo Tactical Income Fund Inc.
Portfolio Pulse from Benzinga Newsdesk
MidCap Financial Investment Corporation (MFIC), Apollo Senior Floating Rate Fund Inc. (AFT) and Apollo Tactical Income Fund Inc. (AIF) have announced merger agreements. The combined company will have approximately $3.4 billion of total investments and $1.4 billion of net assets. The merger is expected to provide financial and strategic benefits to all shareholders, creating a larger, more scaled business development company focused on middle market direct lending. Post-merger shareholder ownership is estimated to be 69% for current MFIC shareholders, 16% for current AFT shareholders, and 15% for current AIF shareholders.
November 07, 2023 | 8:10 pm
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POSITIVE IMPACT
AFT is merging with MFIC and AIF. Post-merger, AFT shareholders will own approximately 16% of the combined company.
The merger will create a larger, more scaled business development company, which could lead to increased market visibility and potentially higher returns for shareholders. This is likely to have a positive impact on AFT's stock price.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100
POSITIVE IMPACT
AIF is merging with MFIC and AFT. Post-merger, AIF shareholders will own approximately 15% of the combined company.
The merger will create a larger, more scaled business development company, which could lead to increased market visibility and potentially higher returns for shareholders. This is likely to have a positive impact on AIF's stock price.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100
POSITIVE IMPACT
MFIC is merging with AFT and AIF, creating a larger, more scaled business development company. Post-merger, MFIC shareholders will own approximately 69% of the combined company.
The merger will create a larger, more scaled business development company, which could lead to increased market visibility and potentially higher returns for shareholders. This is likely to have a positive impact on MFIC's stock price.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100