Apollo Investment announced an amended and restated credit facility. JPMorgan Chase Bank acted as administrative agent. J.P. Morgan Securities, SunTrust Robinson Humphrey, Merrill Lynch; and Pierce, Fenner & Smith acted as arrangers. SunTrust and BofA acted acted as syndication agents.

The amended facility extends the final maturity by over two years to September 2018 and includes a one-year amortization period beginning September 2017. The amended facility also reduces the borrowing rate by 25 basis points to LIBOR plus 200 basis points with no LIBOR floor.

In addition, the company has increased total commitments by $110 million to $1.25 billion. The facility contains an accordion feature whereby it can be expanded to $1.71 billion under certain conditions. The facility includes customary covenants, including minimum asset coverage and minimum equity requirements, as well as customary events of default.

James Zelter, Apollo Investment chief executive officer, said, “We are pleased to have extended the maturity of our revolving credit facility which will provide us with substantial long-term liquidity and flexibility to execute on our strategic objectives. The reduced pricing should enable us to lower our borrowing costs as we utilize the facility. We are extremely appreciative of the support from our existing lenders as well as from two new lenders.”