Apollo Investment (AINV) announced an amended and restated credit facility with total commitments to the facility increased by $40 million, from $1.27 billion to $1.31 billion. The final maturity of the facility was extended by 20 months from August 2018 to April 2020.

J.P. Morgan Securities, SunTrust Robinson Humphrey and Merrill Lynch, acted as arrangers. SunTrust Bank and Bank of America acted as syndication agents and JPMorgan Chase Bank will continue to act as administrative agent.

The stated interest rate on the facility was changed from LIBOR plus 2.00% to a formula-based calculation, based on a minimum borrowing base, resulting in a stated interest rate of either LIBOR plus 1.75%, or LIBOR plus 2.00%.

The facility contains an accordion feature whereby it can be expanded by 50% under certain conditions. The facility includes customary covenants, including minimum asset coverage and minimum equity requirements, as well as customary events of default.