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Apollo Investment Corporation Establishes $800 Million Credit Facility


Apollo Investment Corporation (NasdaqNM:AINV - News) announced today that it has received commitments from lenders for a five-year secured multi-currency revolving credit facility (the “Facility”) in the amount of $800,000,000. The Facility is expected to close on or before April 15, 2005. J.P. Morgan Securities Inc. has agreed to act as lead arranger for the syndication of the Facility. JPMorgan Chase Bank, N.A. will function as the administrative agent for the Facility.

“We are very pleased with the strong support we received from some of our relationship banks. We’ve created a credit facility of scale and duration that should provide Apollo Investment Corporation with the capital necessary to carry on its business plan through fiscal 2006,” said CEO Michael Gross.

About Apollo Investment Corporation

Apollo Investment Corporation 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’s investment portfolio will be principally invested in middle-market private companies. From time to time, the Company may also invest in public companies. The Company expects to primarily invest in senior secured loans and mezzanine loans and equity in furtherance of its business plan. Apollo Investment Corporation is managed by Apollo Investment Management, L.P., an affiliate of Apollo Management, L.P., a leading private equity investor.

Forward-Looking Statements

Statements included herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statements made herein.


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