Apollo Senior Floating Rate Fund Inc. and Apollo Tactical Income Fund Inc. Announce Board Approval of Reorganization
19 February 2021 - 8:15AM
The Board of Directors of Apollo Senior Floating Rate Fund Inc.
(NYSE: AFT) and Apollo Tactical Income Fund Inc. (NYSE: AIF) (the
“Funds”) announced today that they have approved the reorganization
of AFT with and into AIF, with AIF continuing as the surviving Fund
(the “Reorganization”).
It is currently expected that the Reorganization
will be completed in or around the end of the second quarter of
2021, subject to the requisite approvals by each Fund’s
shareholders and the satisfaction of customary closing
conditions.
Additional Information about the
Reorganization and Where to Find It
This press release is not intended to be, and
does not constitute, an offer to purchase or sell shares of the
Funds nor is this press release intended to solicit a proxy from
any shareholder of any of the Funds. The solicitation of proxies to
effect the Reorganization will only be made by a definitive Proxy
Statement/Prospectus.
This press release references a Proxy
Statement/Prospectus to be filed by the Funds. The Proxy
Statement/Prospectus has yet to be filed with the U.S. Securities
and Exchange Commission (the “SEC”). After the Proxy
Statement/Prospectus is filed with the SEC, it may be amended or
withdrawn. The Proxy Statement/Prospectus will not be distributed
to shareholders of the Funds unless and until a Registration
Statement comprising of the Proxy Statement/Prospectus is declared
effective by the SEC.
The Funds and their respective directors,
officers and employees, and Apollo Credit Management, LLC and its
affiliates and its and their shareholders, officers and employees
and other persons may be deemed to be participants in the
solicitation of proxies with respect to the Reorganization.
Investors and shareholders may obtain more detailed information
regarding the direct and indirect interests of the Funds’
respective directors, officers and employees, and Apollo Credit
Management, LLC and its shareholders, officers and employees and
other persons by reading the Proxy Statement/Prospectus when they
are filed with the SEC.
INVESTORS AND SECURITY HOLDERS OF THE FUNDS ARE
URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS
FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME
AVAILABLE BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT
INFORMATION ABOUT THE REORGANIZATION. INVESTORS SHOULD CONSIDER THE
INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES OF THE FUNDS
CAREFULLY. THE PROXY STATEMENT/PROSPECTUS WILL CONTAIN INFORMATION
WITH RESPECT TO THE INVESTMENT OBJECTIVES, RISKS, CHARGES AND
EXPENSES OF THE FUNDS.
The Proxy Statement/Prospectus will not
constitute an offer to buy or sell securities in any state where
such offer or sale is not permitted. Security holders may obtain
free copies (when they become available) of the Proxy
Statement/Prospectus and other documents filed with the SEC at the
SEC’s web site at www.sec.gov. In addition, free copies (when they
become available) of the Proxy Statement/Prospectus and other
documents filed with the SEC may also be obtained by directing a
request to:
Apollo Contact Information:
Product Literature877-864-4834
InvestorsTaylor ReinhardtInvestor Relations
DirectorApollo Global Management,
Inc.917-472-4030treinhardt@apollo.com
Forward-Looking StatementsThis press release
may contain statements that are forward looking, as that term is
defined by the Private Securities Litigation Reform Act of 1995 or
by the Securities and Exchange Commission in its rules, regulations
and releases. These statements include, but are not limited to,
discussions related to the Fund’s expectations regarding the
performance of its business, its liquidity and capital resources
and the other non-historical statements in the discussion and
analysis. These forward-looking statements are based on
management’s beliefs, as well as assumptions made by, and
information currently available to, management. When used in this
release, the words “believe,” “anticipate,” “estimate,” “expect,”
“intend” and similar expressions are intended to identify
forward-looking statements. Although management believes that the
expectations reflected in these forward-looking statements are
reasonable, it can give no assurance that these expectations will
prove to have been correct. These statements are subject to certain
risks, uncertainties and assumptions, including risks relating to
our dependence on certain key personnel, our ability to raise new
Private Equity or Capital Markets funds, market conditions,
generally, our ability to manage our rapid growth, fund
performance, changes in our regulatory environment and tax status,
the variability of our revenue, net income and cash flow, our use
of leverage to finance our businesses and investments by our funds
and litigation risks, among others.
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