SHARE REPURCHASE PROGRAM *
During the three months ended June 30, 2024, the Company did not repurchase any shares.
Since the inception of the share repurchase program and through August 6, 2024, the Company repurchased 15,593,120 shares at a weighted average price per
share of $15.91, inclusive of commissions, for a total cost of $248.1 million, leaving a maximum of $26.9 million available for future purchases under the current Board authorization of $275 million.
| * |
Share figures have been adjusted for the
1-for-3 reverse stock split which was completed after market close on November 30, 2018. |
LIQUIDITY
As of June 30, 2024, the Company’s
outstanding debt obligations, excluding deferred financing cost and debt discount of $6.6 million, totaled $1.518 billion which was comprised of $350 million of Senior Unsecured Notes (the “2025 Notes”) which will mature on
March 3, 2025, $125 million of Senior Unsecured Notes (the “2026 Notes”) which will mature on July 16, 2026, $80 million of Senior Unsecured Notes (the “2028 Notes”) which will mature on December 15, 2028,
$232 million outstanding Class A-1 Notes under the CLO and $731.2 million outstanding under the multi-currency revolving credit facility (the “Facility”). As of June 30, 2024,
$16.0 million in standby letters of credit were issued through the Facility. The available remaining capacity under the Facility was $958 million as of June 30, 2024, which is subject to compliance with a borrowing base that applies
different advance rates to different types of assets in the Company’s portfolio.
MERGERS
AFT Mergers
On July 22, 2024, the Company
completed its previously announced acquisition of AFT. Pursuant to the AFT Agreement and Plan of Merger (the “AFT Merger Agreement”) with AFT, AFT Merger Sub, Inc., a Maryland corporation and a direct wholly-owned subsidiary of the Company
(“AFT Merger Sub”), and, solely for the limited purposes set forth therein, Apollo Investment Management, L.P. the Company’s investment adviser (the “Investment Adviser”), AFT Merger Sub was first merged with and into AFT,
with AFT continuing as the surviving company (the “AFT First Merger”), and, following the effectiveness of the AFT First Merger, AFT was then merged with and into the Company, with the Company continuing as the surviving company (together
with the AFT First Merger, the “AFT Mergers”). In accordance with the terms of the AFT Merger Agreement, at the effective time of the AFT First Merger, each outstanding share of common stock, par value $0.001 per share, of AFT was
converted into the right to receive 0.9547 shares of common stock, par value $0.001 per share, of the Company. As a result, the Company issued an aggregate of approximately 14,868,092 shares of its common stock to AFT’s former stockholders,
excluding the impact for cash paid in lieu of fractional shares.
AIF Mergers
On July 22, 2024, the Company completed its previously announced acquisition of AIF. Pursuant to the AIF Agreement and Plan of Merger (the “AIF Merger
Agreement”) with AIF, AIF Merger Sub, Inc., a Maryland corporation and a direct wholly-owned subsidiary of the Company (“AIF Merger Sub”), and, solely for the limited purposes set forth therein, the Investment Adviser, AIF Merger Sub
was first merged with and into AIF, with AIF continuing as the surviving company (the “AIF First Merger”), and, following the effectiveness of the AIF First Merger, AIF was then merged with and into the Company, with the Company continuing
as the surviving company (together with the AIF First Merger, the “AIF Mergers” and, together with the AFT Mergers, the “Mergers”). In accordance with the terms of the AIF Merger Agreement, at the effective time of the AIF First
Merger, each outstanding share of common stock, par value $0.001 per share, of AIF was converted into the right to receive 0.9441 shares of common stock, par value $0.001 per share, of the Company. As a result, the Company issued an aggregate of
approximately 13,658,992 shares of its common stock to AIF’s former stockholders, excluding the impact for cash paid in lieu of fractional shares.
5