Apollo Global Management has completed the initial public offering of the Apollo Senior Floating Rate Fund, Inc (the fund). The fund is a closed-end fund investing primarily in a portfolio of senior secured floating rate loans with the objective of current income and preservation of capital. The fund began trading on Thursday on the New York Stock Exchange (NYSE) under the symbol “AFT”.
The fund issued USD300 million in its common stock offering, exclusive of the underwriters’ overallotment. Apollo Credit Management, LLC, an affiliate of Apollo Global Management, LLC, is the fund’s investment adviser. The lead managers of the common share underwriting syndicate were Morgan Stanley, Citi, BofA Merrill Lynch, and Wells Fargo Securities.
Shares of closed-end investment companies, such as the Fund, usually trade on a national stock exchange, and these shares frequently trade at a discount to their net asset value, which may increase investors’ risk of loss.
