joining including everyone, mergers, and Elizabeth, for the overview with an today's thank Thanks, of strategic I'll begin you, rationale. the call.
to Apollo agreements opening into call We approval Corp., on questions. Tactical will Apollo website. shift quarter results and or closing conditions. which other AFT my the to to I'm presentation, vehicles will We're then to before announce refer for to the going by affiliates mergers public the managed of is the our posted the X excited merger Throughout comments, Floating review MFIC, Income Senior MidCap Fund Financial or and and MFIC, customary Apollo. or shareholder Investment to to Rate merger AFT into entered of pursuant subject Fund AIF, has merge with AIF which
affiliate mergers. a market $X.X floating and of and $X.X approximately focus once market combined by evolution will an a deployed, of Financial, becoming create companies, to larger The We To MFIC's with BDC billion middle BDC. middle believe of by primarily investments on total rotated net investment result approximately to MFIC's a XXX of lien next in loans merger will mark sourced leading be fully that an first as over leading strategy these assets. clear, billion market The change MidCap not transactions Apollo. rate the company step portfolio middle lender will managed a in important companies pure-play
the believe remarks. combined presentation. of significant Slide value touch these all on points I'll will on create throughout in We each we for company X the shareholders, have outlined which my
these align and expect rotate all we transactions First, be closed-end will course we ordinary investment directly lower-yielding the NII share MFIC's strategy. originated higher-yielding per in the ROE as loans shareholders, both to accretive fund's investment into that with
of closing related each Moving the to financial to of the AFT benefits are the or cash consideration is affiliate AIF a to as The X.X% significant per the transaction. or per There of respective dividend AFT's Apollo of payment of annualized per In both of will XX.X% $X.XX applicable respective to special of their shareholder to AIF's XX.X% each make transaction, of date share. and shareholders of Slide X. share NAVs of an the record $X.XX equal share transaction. approximately closing and
expenses the an of payment the Apollo for The the from be of closing The the transaction. for by not MFIC transaction tax reimbursed the $X.XX additional affiliate by been has providing the each mergers. determined $X.XX affiliate will mergers, MFIC of cash will specific of an cash the based dividend of record yet exact both reimbursing date from Directors the determined. Apollo support MFIC successful dividend Following special upon a timing dividend $X.XX share. characteristics of per Board closings and will by of the be All expenses. is Apollo pay merger-related of
AFT respectively. and a under XXXX, coverage Company registered Slide debt. of AFT on like Before both I and I are XX, the some would funds. for XXXX listed discuss not information these AIF commenced XXX% on by provide operations AIF detail, XXXX, those to of Investment requirement merger are asset February closed-end an be AFT AIF Apollo. turn managed familiar background with and Act on February minimum who the and of affiliate and the may XX, to presentation. funds greater you in funds to X of subject closed-end The Please
closed-end $XXX million and AFT's AIF's million September respectively, balance Slides million, make basis. the As and AFT's XX% XX% assets primarily a $XXX about were portfolios, or basis. of combined the had basis. a in including a fair Directly up loans AIF. XX, respectively, information combined in have million, broadly structured AIF of the the on additional portfolio on and The value assets, on net loans, $XXX or million liquid and AFT XX bonds comprised XX% of The of $XXX products presentation million approximately $XXX case on or portfolios combined originated of and XXXX, and respectively, of XX funds. of and syndicated AIF's and $XXX high-yield
Financial. a new investing on MFIC top sourced loans who BDC is call capital first focused to structure For to MFIC, list those of of you by be on the in lien, companies the may middle-market MidCap of
some me Let of the key of transactions. describe terms briefly the
transactions, As MFIC along, with following stock-for-stock in the merge ownership X to will to be and a in will proportional shares combined you please mergers exchanged Slide refer X company each result are AIF's divided closing and respective share common AIF shares per MFIC's, The value of respective of asset on issued NAV-for-NAV net into split the each the to MFIC the shareholders and by of in receive AFT with on shortly of determined will per asset an newly their AIF and presentation. basis. AFT's share stock values before values. net of ratios based MFIC's merger. of AFT asset net
As tax-free of a will will surviving entity declaring transactions continue on transaction, MFIC the per The directors are will of including and Prior to remain each Apollo affiliate the $X.XX per combined course, of distributions. I special NASDAQ treated consideration ticker AIF a -- pay shareholder to regular AFT and mergers. cash to The AIF in payment closing and and dividend be the trade MFIC the each closing Select share closing following the cash of operate of position. sorry, current an mentioned, intended $X.XX will under Exchange. a will mergers, as each transaction the AFT normal share. the of following of in the MFIC, officers dates, to in as of All symbol intend to of combined the MFIC the Global current be merger or close make their company record reorganizations. of the and special
X, for share. as of for X.XXXX for XX, would AFT each AFT September XXXX, issue and AIF common common of MFIC values net share, asset and based approximately Slide shares MFIC, each X.XXXX purposes, to Moving AIF its on stock for shares illustrative of its stock
current both Assuming pro of shareholders. split current close, for in current XX% forma XX% a shareholders, of transactions MFIC combined for this ownership AFT and the for shareholders, XX% AIF would company result
includes which payment of closing MFIC of connection the affiliate shareholders in and AIF to and X from of AIF AFT paid total and the Apollo. in special be consideration the cash AFT to the stock with common their applicable the of respect the to transaction, shares shows Slide of presentation shares
transactions and investment will have close, will Moving and greater Net by power. increase to the Slide MFIC After XX. a scale XX% more by will percentage. portfolio assets approximately increase similar earnings both
in drivers. We yield and among increase synergies, increase given expect the the portfolio will MFICs ROE other cost
Slide Moving XX. to
realize by duplicative expenses. the expect We elimination operational combined company synergies to the certain of
of per have forma is of per We a share approximately G&A current pro approximately from year, the $X.X savings annually which approximately number million or of company's based decrease combined shares. on annual estimated $X.XX XX%
terms enhance on our believe favorable we capital scale Additionally, larger and may that our pricing. access to more
to capitalization combined of research Slide the company for to the Moving market equity increase additional may coverage. potential larger potential broaden liquidity, investors, universe the XX, stock and create the anticipated analyst
of with Moving entities. mergers to transactions typically XX. X concerns of mitigates of managed which mergers are Slide diligence by the affiliates unaffiliated associated funds These Apollo,
As the syndicated a that These and into originated owned MFIC's with help platform, comprised bonds. ordinary course through rotation will loans the are in investment closed-end facilitate strategy. which of Apollo directly assets primarily the you portfolios broadly align can seamless high-yield assets see, are
combined to We $XXX combined basis, have XX. until higher-yielding course. funds of originated closed-end a assets originated $XXX company are directly rotate the remaining into Moving million in the the to assets, in the of repayment. million which to hold Slide ordinary of loans On maturity that $XXX intend liquid directly million or intends approximately assets
loans. decreasing approximately addition, minimum MFIC's capacity intend coverage mergers directly asset incremental to approximately we we originated In portfolio invested approximately total to an of origination $XXX increase deploy unlock less forma, billion. of Pro portfolio. than requirement, to and the lower million the direct $X asset into due which MFIC's Merx will over billion, With X% XX% expect total in of $X.X
XX. Moving to Slide
transactions. see, on have these financing transactions assets, you sufficient $XXX approximately capacity. in based million revolving our the has we to place expected net debt the debt can increase in execute facility sufficient We estimate and of that credit As require will
will mergers both fund but discuss Note, MFIC I consummate the transactions, common to shareholder of closed-end Before the not issuance the on each will stock the expected the one the shareholders need In need if time with MFIC merge AIF order other MFIC not shareholders mergers approve from in with In connection of will the would was in will turning new line approve to to with connection only be the MFIC each call of and of with closed-end MFIC to the shares for that like obtained, AFT other. and shareholders with the only of funds mergers. merger, over Tanner, of MFIC to fund, transactions. approved each words, other. but approval contingent closed-end issuance
merger in the the mergers agreement. other of shareholder outlined satisfaction subject the closing XXXX, as conditions half close of to to expect customary and in approval We first
are the In opportune conclusion, now merge of the for compelling X proposed these X mergers all companies. to we opportunities we time is believe And believe funds. shareholders
third will the for MFIC's now call Tanner I review to turn quarter. over to results the
