MidCap, Apollo Senior Floating, Tactical Income announce merger closing date

MidCap Financial Investment Corporation (MFIC), Apollo Senior Floating Rate Fund Inc. (AFT), and Apollo Tactical Income Fund Inc. (AIF) announced that the previously announced mergers of the CEFs with and into MFIC are currently expected to close, subject to the satisfaction of customary closing conditions, prior to the opening of the Nasdaq Global Select Market on Monday, July 22, 2024. In addition, as previously announced, an affiliate of Apollo Global Management Inc. will make a special cash payment of $0.25 per share to each AFT and AIF stockholder in connection with the closing, which will be payable on or around July 22, 2024, to AFT and AIF stockholders of record as of the closing date of the mergers. The $0.25 per share special payment is in addition to the previously declared pre-merger distributions which were declared on July 1, 2024. Upon the closing of the mergers, stockholders of each CEF will receive a number of MFIC shares based on the ratio of the net asset value per share of the applicable CEF divided by the NAV per share of MFIC, with the applicable NAVs to be determined shortly before closing. The final Exchange Ratios will be announced in a future press release. Following the closing of the mergers, the common stock of MFIC, as the surviving entity, will continue to trade on the Nasdaq Global Select Market under the ticker symbol “MFIC.” Shares of AFT and AIF common stock are expected to cease trading on The New York Stock Exchange following the close of regular trading on July 19, 2024.