Exhibit 99.1
MARTIN FRANKLIN RESIGNS FROM
APOLLO INVESTMENT CORPORATION’S BOARD OF DIRECTORS
New York, N.Y. – December 29, 2006 – Apollo Investment Corporation (NASDAQ: AINV) (the “Company”) today announced that Martin E. Franklin has resigned from the Company’s Board of Directors, effective as of December 29, 2006.
Mr. Franklin advised the Company that regrettably his resignation was required as a result of the conflict created by his recent election as Chairman of the Board of Directors of Freedom Acquisitions Holding, Inc., a special purpose acquisition company. John J. Hannan, Chairman of the Board and Chief Executive Officer of the Company, “thank[ed] Mr. Franklin for his service to the Company’s Board and wish[ed] him well.”
ABOUT APOLLO INVESTMENT CORPORATION
Apollo Investment Corporation, or the Company, 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 is principally in middle-market private companies. The Company invests primarily in mezzanine loans and senior secured loans in furtherance of its business plan and also invests in the equity of portfolio companies. 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.
CONTACT: Richard L. Peteka of Apollo Investment Corporation, (212) 515-3488
