08:01 AM EDT, 07/12/2024 (MT Newswires) -- MidCap Financial Investment ( MFIC ) , Apollo Senior Floating Rate Fund ( AFT ) and Apollo Tactical Income Fund ( AIF ) said Friday that their mergers are expected to close before the Nasdaq Global Select Market opens on July 22, subject to customary closing conditions.

An affiliate of Apollo Global Management will make a special cash payment of $0.25 per share to Apollo Senior Floating Rate Fund ( AFT ) and Apollo Tactical Income Fund ( AIF ) stockholders, payable around the closing date, the companies said.

Upon completion, stockholders of each fund will receive MFIC shares based on the exchange ratios, determined by the net asset values of the funds shortly before closing, according to the joint statement. The final exchange ratios will be announced later.