UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number             811-22481            

                                     Apollo Senior Floating Rate Fund Inc.                                

(Exact name of registrant as specified in charter)

9 West 57th Street

                    New York, New York 10019                    

(Address of principal executive offices) (Zip code)

Joseph Moroney, President

9 West 57th Street

                             New York, New York 10019                            

(Name and address of agent for service)

Registrant’s telephone number, including area code:     (212) 515-3200

Date of fiscal year end:     December 31

Date of reporting period:   December 31, 2016


Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.


LOGO

  Apollo Senior Floating Rate Fund Inc. (NYSE: AFT)

  Apollo Tactical Income Fund Inc. (NYSE: AIF)

 

 

Annual Report

 

December 31, 2016



 

TABLE OF CONTENTS

 

Manager Commentary (unaudited)

     4  

Financial Data

  

Apollo Senior Floating Rate Fund Inc. (unaudited)

     5  

Apollo Tactical Income Fund Inc. (unaudited)

     6  

Schedule of Investments

  

Apollo Senior Floating Rate Fund Inc.

     7  

Apollo Tactical Income Fund Inc.

     17  

Statements of Assets and Liabilities

     27  

Statements of Operations

     28  

Statements of Changes in Net Assets

  

Apollo Senior Floating Rate Fund Inc.

     29  

Apollo Tactical Income Fund Inc.

     30  

Statement of Cash Flows

  

Apollo Senior Floating Rate Fund Inc.

     31  

Apollo Tactical Income Fund Inc.

     32  

Financial Highlights

  

Apollo Senior Floating Rate Fund Inc.

     33  

Apollo Tactical Income Fund Inc.

     34  

Notes to Financial Statements

     35  

Report of Independent Registered Public Accounting Firm

     51  

Additional Information (unaudited)

     52  

Directors and Officers (unaudited)

     53  

Important Information About This Report

     55  

Economic and market conditions change frequently.

There is no assurance that the trends described in this report will continue or commence.

 

 

This report, including the financial information herein, is transmitted to shareholders of the Funds for their information. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. Statements and other information herein are as dated and are subject to change.


Apollo Senior Floating Rate Fund Inc.

Apollo Tactical Income Fund Inc.

Manager Commentary (unaudited)

As of December 31, 2016

Dear Shareholders,

We would like to start by saying thank you for your interest in the Apollo Senior Floating Rate Fund Inc. and the Apollo Tactical Income Fund Inc. (the “Funds”). We appreciate the trust and confidence you have placed with us through your investment in the Funds.

Despite a difficult beginning, 2016 ended up being a very positive year for the corporate credit markets with performance for both leveraged loans and high yield bonds exceeding the expectations of most as a number of catalysts played out in their favor. After concerns over commodity prices weighed heavily on high-yield in particular in late 2015, and leading into 2016, a move higher in these prices at a period of low interest rates in mid-February led to heavy inflows of capital into both high yield and leveraged loan mutual funds. This spurred a rally in both loans and bonds that continued, almost without interruption, over the balance of the year; using widely-reference indices, from its low point on February 11th the high yield market rallied +24.5% while from its low point on February 17th the leveraged loan market rallied +11.8%, both through year end. Where certain capital markets had broken down to an extent heading into the year that in many cases new syndications of leveraged loans could not be completed by banks due to a lack of demand, this early-2016 moderation created the type of conditions that allowed these markets to function again, at relatively attractive return profiles, in a manner that begat further, incremental improvement. With price points established and supply at the banks starting to clear, and the commodity environment diffused of much of the volatility that had marked it over the preceding two years, more normalized high yield and loan markets allowed for the kind of investment opportunities that the Funds can most directly benefit from.

There were many elements of both of these markets in 2016 that spoke to both the causes for the extended rally that we experienced and the reasons why this was occurring at all. Leveraged loan funds recorded inflows of $6.3Bn in 2016, including $5.0Bn into exchange-traded funds (“ETFs”), but the annual number does not reflect the timing of inflows which was weighted very heavily towards the back half of the year – inflows were recorded in 23 of the last 26 weeks for a total inflow of $11.8Bn over that period versus an outflow of -$5.6Bn over the first 26 weeks of the year. Concurrently, after reaching a low of 1.36% on July 8th, the yield on the 10Yr US Treasury moved steadily higher over the back half of the year, hitting a high yield for 2016 of 2.60% on December 15th. Regardless of why rates were rising, either ahead of or after the election, the probability we are entering an environment of higher rates is being taken by the market to be rising and as such, floating-rate debt has been in growing demand. This move in interest rates did not, however, present an obstacle to continued outperformance for the high yield market; since the low point for the 10Yr US Treasury, through the end of the year, the high yield market returned +6.6%.

Against this rates backdrop and a broader environment that saw greatly reduced levels of volatility across nearly all of the capital markets towards year-end, fundamentals in the corporate credit market remain resilient. The lagging twelve-month leveraged loan default rate hit a ten-month low of 1.58% by principal amount at month-end December, this after falling for five consecutive months. Of the twenty issuers that defaulted in 2016, more than half were by companies in the oil & gas and metals & mining sectors. If you look at fundamental performance, we see similarly positive performance. Excluding commodity-oriented companies, revenue growth within high yield in Q3 ’16 year over year was +5.8%, while earnings before interest, tax, depreciation and amortization (“EBITDA”) growth was +6.1% year over year; the same analysis put Q3 leverage for non-commodity companies at 4.03x, lower quarter over quarter with higher levels of EBITDA. While this generalizes what is clearly a complicated picture across the various industries represented in the leveraged loan and high yield markets, the default rate remains low in an environment where the capital markets are open to companies looking to refinance debt and optimize capital structures, and fundamentals are generally benign.

Despite what was a broadly positive 2016 for the credit markets, or perhaps because of how well these markets have performed of late, we are expecting to deal with greater volatility than that which presented itself over the preceding three quarters in 2017. With a new administration potentially pursuing divergent policies around tax, trade, etc. against a changing rate environment, in which business models in various industries are regularly changing and coming under pressure from new competitors, the Funds should see the kind of opportunities to invest in the coming year that have historically been fruitful, periods of limited demand from other sources of capital. As such, we regularly work to identify opportunities within businesses where we see value when for market related reasons they become available at attractive prices, while positioning ourselves defensively when valuations may be more stretched.

We appreciate your interest and support in the Funds. If you have any questions about the Funds, please call 1-888-301-3838, or visit our website at www.agmfunds.com.

Sincerely,

Apollo Credit Management, LLC

 

4  |  Annual Report


Apollo Senior Floating Rate Fund Inc.

Financial Data

As of December 31, 2016 (unaudited)

 

   Portfolio Composition (as % of Current Market  
   Value of Investment Securities)  
  

Loans

     92.1%  

High Yield Bonds

     7.0%  

Equity/Other

     0.9%  
  
   Portfolio Characteristics (a)  
  

Weighted Average Floating-Rate Spread

     4.70%  

Weighted Average Fixed-Rate Coupon

     7.93%  

Weighted Average Maturity (in years) (floating assets)

     4.81  

Weighted Average Maturity (in years) (fixed assets)

     5.42  

Weighted Average Modified Duration (in years)
(fixed assets)

     3.13  

Average Position Size

   $ 1,832,899  

Number of Positions

     231  

Weighted Average S&P Rating

     B  

Weighted Average Rating Factor (Moody’s) (h)

     2,885  
  
   Credit Quality (b)  
  

BBB

     0.8%  

BB

     14.6%  

B

     69.5%  

CCC+ or Lower

     11.4%  

Not Rated

     3.7%  
  
   Top 5 Industries (as % of Current Market Value of  
   Investment Securities) (c)  
  

High Tech Industries

     11.6%  

Services: Business

     11.3%  

Banking, Finance, Insurance & Real Estate

     10.6%  

Healthcare & Pharmaceuticals

     9.9%  

Media: Broadcasting & Subscription

     9.2%  

Total

     52.6%  
   Top 10 Issuers (as % of Current Market Value of  
   Investment Securities) (d)  
  

Asurion, LLC

     1.6%  

Riverbed Technology, Inc.

     1.5%  

Amwins Group, LLC

     1.5%  

NVA Holdings, Inc.

     1.5%  

EIG Investors Corp.

     1.4%  

BWay Holding Company, Inc.

     1.4%  

Global Tel * Link Corporation

     1.3%  

Community Health Systems, Inc.

     1.3%  

William Morris Endeavor Entertainment, LLC

     1.3%  

Cortes NP Acquisition Corp.

     1.2%  

Total

     14.0%  

 

   Performance Comparison  
    
    

Year

Ended

December 31,

2016

   

December 31,

2012, to

December 31,
2016

 
    

AFT - Market Price

     24.03% (e)       9.32% (e)(f)  

AFT - NAV

     15.33% (e)       7.99% (e)(f)  

S&P/LSTA Leveraged
Loan Index (g)

     10.16%       5.11% (f)  
 
(a) Averages based on par value of investment securities, except for the weighted average modified duration, which is based on market value. The weighted average rating factor per Moody’s Investors Service (“Moody’s”) excludes securities with no rating or in default as of December 31, 2016.
(b) Credit quality is calculated as a percentage of fair value of investment securities at December 31, 2016. The quality ratings reflected were issued by Standard & Poor’s Ratings Group (“S&P”), a nationally recognized statistical rating organization. Credit quality ratings reflect the rating agency’s opinion of the credit quality of the underlying positions in the Fund’s portfolio and not that of the Fund itself. Credit quality ratings are subject to change.
(c) The industry classifications reported are from widely recognized market indexes or rating group indexes, and/or as defined by Fund management, with the primary source being Moody’s, a nationally recognized statistical rating organization.
(d) Holdings are subject to change and are provided for informational purposes only.
(e) Performance reflects total return assuming all distributions were reinvested at the dividend reinvestment rate. Past performance does not necessarily indicate how the Fund will perform in the future. The performance information provided does not reflect the deduction of taxes that a shareholder would pay on distributions received from the Fund.
(f) Annualized.
(g) The S&P/LSTA Leveraged Loan Index is a broad index designed to reflect the performance of the U.S. dollar facilities in the leveraged loan market.
(h) Excludes securities with no rating or in default as of December 31, 2016.

 

Annual Report  |  5


Apollo Tactical Income Fund Inc.

Financial Data

As of December 31, 2016 (unaudited)

 

   Portfolio Composition (as % of Current Market  
   Value of Investment Securities)  
  

Loans

     74.5%  

High Yield Bonds

     13.6%  

Structured Products

     10.9%  

Equity/Other

     1.0%  
  
   Portfolio Characteristics (a)  
  

Weighted Average Floating-Rate Spread

     5.27%  

Weighted Average Fixed-Rate Coupon

     6.93%  

Weighted Average Maturity (in years) (floating assets)

     5.48  

Weighted Average Maturity (in years) (fixed assets)

     5.03  

Weighted Average Modified Duration (in years) (fixed assets)

     3.23  

Average Position Size

   $ 1,810,889  

Number of Positions

     223  

Weighted Average S&P Rating

     B  

Weighted Average Rating Factor (Moody’s) (h)

     2,937  
  
   Credit Quality (b)       
  

BBB

     0.7%  

BB

     16.3%  

B

     58.3%  

CCC+ or Lower

     14.2%  

Not Rated

     10.5%  
  
   Top 5 Industries (as % of Current Market Value of  
   Investment Securities) (c)  
  

High Tech Industries

     11.0%  

Service: Business

     9.9%  

Media: Broadcasting & Subscription

     8.6%  

Healthcare & Pharmaceuticals

     8.5%  

Banking, Finance, Insurance & Real Estate

     8.4%  

Total

     46.4%  
   Top 10 Issuers (as % of Current Market Value of  
   Investment Securities) (d)  
  

Anchorage Capital CLO, Ltd.

     2.0%  

OCP CLO. Ltd.

     1.9%  

Riverbed Technology, Inc.

     1.5%  

JFIN CLO, Ltd.

     1.4%  

Land O’ Lakes Capital Trust I

     1.4%  

Cortes NP Acquisition Corp.

     1.3%  

EIG Investors. Corp.

     1.3%  

Valeant Pharmaceuticals International, Inc.

     1.3%  

Atlas Senior Loan Fund, Ltd.

     1.2%  

Pike Corp.

     1.2%  

Total

     14.5%  

 

   Performance Comparison  
    
    

Year

Ended
December 31,
2016

   

Since

Inception
on February 25,
2013, to
December 31,
2016

 
    

AIF - Market Price

     23.24% (e)       2.53% (e)(f)  

AIF - NAV

     19.34% (e)       6.71% (e)(f)  

S&P/LSTA Leveraged
Loan Index (g)

     10.16%       3.83% (f)  
 
(a) Averages based on par value of investment securities, except for the weighted average modified duration, which is based on market value. The weighted average rating factor per Moody’s excludes securities with no rating or in default as of December 31, 2016.
(b) Credit quality is calculated as a percentage of fair value of investment securities at December 31, 2016. The quality ratings reflected were issued by S&P, a nationally recognized statistical rating organization. Credit quality ratings reflect the rating agency’s opinion of the credit quality of the underlying positions in the Fund’s portfolio and not that of the Fund itself. Credit quality ratings are subject to change.
(c) The industry classifications reported are from widely recognized market indexes or rating group indexes, and/or as defined by Fund management, with the primary source being Moody’s, a nationally recognized statistical rating organization. The Top 5 Industries table above excludes Structured Products which represent 10.9% of the portfolio as of December 31, 2016.
(d) Holdings are subject to change and are provided for informational purposes only.
(e) Performance reflects total return assuming all distributions were reinvested at the dividend reinvestment rate. Past performance does not necessarily indicate how the Fund will perform in the future. The performance information provided does not reflect the deduction of taxes that a shareholder would pay on distributions received from the Fund.
(f) Annualized.
(g) The S&P/LSTA Leveraged Loan Index is a broad index designed to reflect the performance of the U.S. dollar facilities in the leveraged loan market.
(h) Excludes securities with no rating or in default as of December 31, 2016.

 

6  |  Annual Report


Apollo Senior Floating Rate Fund Inc.

Schedule of Investments

December 31, 2016

 

   

Principal
 Amount ($) 

 

   

 Value ($) 

 

     

 

Senior Loans - 134.5% (a)

 

   

 

AEROSPACE & DEFENSE - 4.0%

 

 

   

DAE Aviation Holdings, Inc.
Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 07/07/22 (b)

    4,049,229           4,084,680    

Engility Corp.

     

Term Loan B-1, (LIBOR + 4.25%, 0.00% Floor), 5.02%, 08/12/20 (b)

    957,727           969,847    

Term Loan B-2, (Variable + 4.75%, 1.04% Floor), 5.79%, 08/14/23 (b)

    1,812,299           1,843,561    

PAE Holding Corp.

     

First Lien Initial Term Loan, (LIBOR + 5.50%, 1.00% Floor), 6.50%, 10/20/22 (b)

    1,663,769           1,680,407    

Second Lien Term Loan, (LIBOR + 9.50%, 1.00% Floor), 10.50%, 10/20/23 (b)

    1,101,291           1,117,811    

Photonis Technologies SAS (France) First Lien Initial Dollar Term Loan, (LIBOR + 7.50%, 1.00% Floor), 8.50%, 09/18/19 (b)(c)

    1,897,815           1,641,610    
   

 

 

   
              11,337,916    
   

 

 

   

 

AUTOMOTIVE - 3.0%

 

     

American Tire Distributors, Inc.
Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 09/01/21 (b)

    2,183,053           2,180,782    

Innovative XCessories & Services, LLC
First Lien Term Loan B, (LIBOR + 4.75%, 1.00% Floor), 5.75%, 11/29/22 (b)

    1,296,821           1,306,547    

Tectum Holdings, Inc.
First Lien Initial Term Loan, (LIBOR + 4.75%, 1.00% Floor), 5.75%, 08/24/23 (b)(d)

    2,707,966           2,748,586    

U.S. Farathane, LLC
Term Loan B-2, (LIBOR + 4.75%, 1.00% Floor), 5.75%, 12/23/21 (b)

    2,290,250           2,300,751    
   

 

 

   
      8,536,666    
   

 

 

   

 

BANKING, FINANCE, INSURANCE & REAL ESTATE - 12.9%

 

 

 

Alliant Holdings Intermediate, LLC
2016 Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.25%, 08/12/22 (b)

    1,905,940           1,927,773    

Amwins Group, LLC

     

First Lien Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 09/06/19 (b)

    4,032,275           4,082,255    

Second Lien Term Loan, (LIBOR + 8.50%, 1.00% Floor), 9.50%, 09/04/20 (b)

    2,000,000           2,020,010    
   

Principal
 Amount ($) 

 

   

 Value ($) 

 

     

 

BANKING, FINANCE, INSURANCE & REAL ESTATE (continued)

 

 

 

AqGen Island Intermediate Holdings, Inc.
First Lien Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 12/05/22 (b)

    2,457,462           2,460,534    

Asurion, LLC

     

Incremental Tranche B-5 Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 11/03/23 (b)

    4,228,526           4,294,068    

Replacement B-2 Term Loan, (LIBOR + 3.25%, 0.75% Floor), 4.02%, 07/08/20 (b)(e)

    961,726           971,492    

Second Lien Term Loan, (LIBOR + 7.50%, 1.00% Floor), 8.50%, 03/03/21 (b)

    1,399,109           1,424,908    

CRCI Holdings, Inc.
Initial Term Loan, (LIBOR + 5.50%, 1.00% Floor), 6.50%, 08/31/23 (b)

    2,244,375           2,249,043    

Donnelley Financial Solutions, Inc.
Term Loan B, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 09/29/23 (b)

    857,143           867,501    

First Data Corp.
2021 New Dollar Term Loan C, (LIBOR + 3.00%, 0.00% Floor), 3.76%, 03/24/21 (b)

    1,976,165           2,001,548    

Henry Company, LLC
Initial Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 10/05/23 (b)

    875,676           886,626    

iStar, Inc.
Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 07/01/20 (b)

    1,394,991           1,413,594    

Medical Card System, Inc.
Term Loan, (LIBOR + 0.50%, 1.00% Floor), 1.50%, 05/31/19 (b)(d)

    5,323,315           3,550,474    

MMM Holdings, Inc.
Term Loan, (LIBOR + 8.25%, 1.50% Floor), 9.75%, 06/30/19 (b)(d)

    525,781           513,951    

MPH Acquisition Holdings, LLC
Initial Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 06/07/23 (b)

    3,488,637           3,555,305    

MSO of Puerto Rico, Inc.
Term Loan, (LIBOR + 8.25%, 1.50% Floor), 9.75%, 06/30/19 (b)(d)

    382,240           373,640    

National Financial Partners Corp.
First Lien Term Loan B, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 12/09/23 (b)(e)

    3,574,850           3,611,492    
   

 

 

   
              36,204,214    
   

 

 

   
 

 

See accompanying Notes to Financial Statements.  |  7


Apollo Senior Floating Rate Fund Inc.

Schedule of Investments  (continued)

December 31, 2016

 

   

Principal
 Amount ($) 

 

   

 Value ($) 

 

     

 

Senior Loans (a)   (continued)

 

 

   

BEVERAGE, FOOD & TOBACCO - 2.9%

 

 

   

AdvancePierre Foods, Inc.
Effective Date Loan, (LIBOR + 3.00%, 1.00% Floor), 4.00%, 06/02/23 (b)

    1,032,195           1,050,130    

The Chef’s Warehouse, Inc.
Initial Term Loan, (LIBOR + 5.75%, 1.00% Floor), 6.75%, 06/22/22 (b)

    1,088,380           1,095,868    

Constellation Brands Canada, Inc.
(Canada) First Lien Initial Tranche B-1 Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%,
12/15/23 (b)(c)(e)

    500,000           506,407    

PFS Holding Corp.
First Lien Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 01/31/21 (b)

    2,987,170                     2,875,151    

Winebow Holdings, Inc.
(The Vintner Group Inc.)

     

First Lien Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 07/01/21 (b)

    563,714           565,124    

Second Lien Term Loan, (LIBOR + 7.50%, 1.00% Floor), 8.50%, 01/02/22 (b)

    2,260,897           2,125,243    
   

 

 

   
      8,217,923    
   

 

 

   

 

CAPITAL EQUIPMENT - 1.2%

 

 

   

MTS Systems Corp.
Term Loan B, (LIBOR + 4.25%, 0.75% Floor), 5.00%, 07/05/23 (b)

    3,325,000           3,375,922    
   

 

 

   

 

CHEMICALS, PLASTICS & RUBBER - 3.5%

 

 

   

ASP Chromaflo Intermediate

     

Holdings, Inc.
First Lien Initial Tranche B-1 Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 11/20/23 (b)

    329,474           332,770    

First Lien Initial Tranche B-2 Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 11/20/23 (b)

    428,421           432,708    

The Chemours Co.
Tranche B Term Loan, (LIBOR + 3.00%, 0.75% Floor), 3.75%, 05/12/22 (b)(e)

    941,526           939,177    

Ineos Styrolution US Holding, LLC
Term Loan B, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 09/30/21 (b)

    1,397,839           1,420,554    

MacDermid, Inc.

     

Tranche B-4 Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 06/07/23 (b)

    735,405           746,256    

Tranche B-5 Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 06/07/20 (b)

    658,349           666,854    
   

Principal
 Amount ($) 

 

   

 Value ($) 

 

     

 

CHEMICALS, PLASTICS & RUBBER (continued)

 

 

   

Nexeo Solutions, LLC
Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 06/09/23 (b)

    1,070,954           1,081,664    

PetroChoice Holdings, Inc.
First Lien Initial Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 08/19/22 (b)

    1,002,350           1,012,374    

PQ Corp.
Tranche B-1 Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 11/04/22 (b)

    1,324,908           1,344,370    

Tronox Pigments (Netherlands) B.V.
Term Loan B, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 03/19/20 (b)(c)

    1,994,841           2,005,503    
   

 

 

   
      9,982,230    
   

 

 

   

 

CONSTRUCTION & BUILDING - 3.7%

 

 

   

Infiltrator Water Technologies, LLC

     

Second Lien Term Loan, (LIBOR + 8.75%, 1.00% Floor), 9.75%, 05/26/23 (b)

    835,131           839,307    

Term Loan B-1, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 05/27/22 (b)

    3,832,400           3,865,934    

IPS Structural Adhesives Holdings, Inc.
First Lien Term Loan, (LIBOR + 5.25%, 1.00% Floor), 6.25%, 12/20/23 (b)(d)(e)

    1,623,060           1,621,031    

Morsco, Inc.
Initial Term Loan, (LIBOR + 7.00%, 1.00% Floor), 8.00%, 10/31/23 (b)

    1,951,402           1,970,916    

Terra Millenium Corp.
Term Loan, (LIBOR + 6.25%, 1.00% Floor), 7.25%, 12/12/22 (b)(d)

    2,000,000           1,990,000    
   

 

 

   
              10,287,188    
   

 

 

   

 

CONSUMER GOODS: DURABLE - 0.6%

 

 

   

Britax U.S. Holdings, Inc.
Initial Dollar Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 10/15/20 (b)

    454,053           388,669    

Serta Simmons Holdings, LLC
First Lien Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 11/08/23 (b)

    1,378,907           1,396,143    
   

 

 

   
      1,784,812    
   

 

 

   

 

CONSUMER GOODS: NON-DURABLE - 2.8%

 

 

   

ABG Intermediate Holdings 2, LLC
First Lien Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 05/27/21 (b)

    3,750,072           3,782,885    

Nine West Holdings, Inc.
Unsecured Initial Term Loan, (LIBOR + 5.25%, 1.00% Floor), 6.25%, 01/08/20 (b)

    239,923           56,581    
 

 

8  |  See accompanying Notes to Financial Statements.


Apollo Senior Floating Rate Fund Inc.

Schedule of Investments  (continued)

December 31, 2016

 

   

   Principal

 Amount ($) 

 

 

 Value ($) 

 

     

 

Senior Loans (a)   (continued)

 

 

     

CONSUMER GOODS: NON-DURABLE (continued)

 

 

 

Oak Parent, Inc.
Initial Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 10/26/23 (b)

    1,051,763         1,057,680    

Revlon Consumer Products Corp.
Initial Term Loan B, (LIBOR + 3.50%, 0.75% Floor), 4.29%, 09/07/23 (b)

    2,916,975         2,951,439    
     

 

 

   
        7,848,585    
     

 

 

   

 

CONTAINERS, PACKAGING & GLASS - 5.4%

 

   

Anchor Glass Container Corp.
Second Lien Term Loan, (LIBOR + 7.75%, 1.00% Floor), 8.75%, 12/07/24 (b)(e)

    2,000,000         2,045,000    

BWAY Holding Co.
Initial Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 08/14/23 (b)

    5,633,860         5,659,579    

Flex Acquisition Co, Inc.

       

Bridge Loan, (LIBOR + 7.00%, 1.00% Floor), 8.00%,
12/06/25 (b)(d)(e)

    1,278,000         1,279,598    

First Lien Term Loan, (LIBOR + 3.25%, 1.00% Floor), 4.25%, 12/29/23 (b)(e)

    1,650,320         1,667,681    

Hoover Group, Inc.
Initial Term Loan, (LIBOR + 7.25%, 1.00% Floor), 8.25%, 01/28/21 (b)(d)

    1,469,354         1,351,806    

Sprint Industrial Holdings, LLC
First Lien Term Loan, (LIBOR + 5.75%, 1.25% Floor), 7.00%, 05/14/19 (b)(d)

    2,579,376         1,908,738    

TCB Holdings III Corp.
First Lien Closing Date Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 11/30/23 (b)

    1,166,008         1,181,073    
     

 

 

   
                15,093,475    
     

 

 

   

 

ENERGY: ELECTRICITY - 1.8%

 

   

Vistra Operations Company, LLC

       

Initial Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 08/04/23 (b)

    4,071,429         4,126,474    

Initial Term Loan C, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 08/04/23 (b)

    928,571         941,126    
     

 

 

   
        5,067,600    
     

 

 

   

 

ENERGY: OIL & GAS - 3.1%

 

   

American Energy - Marcellus, LLC
First Lien Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 08/04/20 (b)

    2,712,161         1,500,733    

Azure Midstream Energy, LLC
Term Loan, (LIBOR + 6.50%, 1.00% Floor), 7.50%, 11/15/18 (b)

    487,214         452,500    

 

   

   Principal

 Amount ($) 

 

 

 Value ($) 

 

     

 

ENERGY: OIL & GAS (continued)

 

   

Drillships Financing Holding, Inc.
Tranche B-1 Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 03/31/21 (b)

    992,308         647,977    

EMG Utica, LLC
Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 03/27/20 (b)

    1,733,887         1,725,218    

HGIM Corp.
Term Loan A, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 06/18/18 (b)

    3,199,623         2,925,000    

Sheridan Investment Partners I, LLC

       

Deferred Principal Facility I, 10/01/19 (d)(f)

    4,749         2,850    

Tranche B-2 Term Loan, (LIBOR + 3.50%, 0.75% Floor), 4.34%, 10/01/19 (b)

    123,430         106,397    

Sheridan Production Partners I-A L.P.

       

Deferred Principal Facility I-A, 10/01/19 (d)(f)

    629         378    

Tranche B-2 Term Loan, (LIBOR + 3.50%, 0.75% Floor), 4.45%, 10/01/19 (b)

    16,355         14,098    

Sheridan Production Partners I-M L.P.

       

Deferred Principal Facility I-M, 10/01/19 (d)(f)

    384         231    

Tranche B-2 Term Loan, (LIBOR + 3.50%, 0.75% Floor), 4.45%, 10/01/19 (b)

    9,990         8,611    

Southcross Energy Partners L.P.
Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 08/04/21 (b)

    1,557,507         1,238,218    

Southcross Holdings Borrower, LP
Tranche B Term Loan (5.5% PIK), 9.00%, 04/13/23 (g)(h)

    118,312         92,283    
     

 

 

   
                  8,714,494    
     

 

 

   

 

ENVIRONMENTAL INDUSTRIES - 1.0%

 

   

Casella Waste Systems, Inc.
Initial Term Loan, (LIBOR + 3.00%, 1.00% Floor), 4.00%, 10/17/23 (b)

    775,510         784,238    

Emerald 2, Ltd. (United Kingdom)
Facility B-1 Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 05/14/21 (b)(c)

    2,187,706         1,972,578    
     

 

 

   
        2,756,816    
     

 

 

   

 

FOREST PRODUCTS & PAPER - 0.9%

 

   

Caraustar Industries, Inc.
Incremental Term Loan, (LIBOR + 6.75%, 1.25% Floor), 8.00%, 05/01/19 (b)

    1,779,949         1,813,323    
 

 

See accompanying Notes to Financial Statements.  |  9


Apollo Senior Floating Rate Fund Inc.

Schedule of Investments  (continued)

December 31, 2016

 

   

   Principal

 Amount ($) 

 

 

 Value ($) 

 

     

 

Senior Loans (a)   (continued)

 

 

     

FOREST PRODUCTS & PAPER (continued)

 

   

Term Loan, (LIBOR + 6.75%, 1.25% Floor), 8.00%, 05/01/19 (b)

    689,628         702,559    
     

 

 

   
                  2,515,882    
     

 

 

   

 

HEALTHCARE & PHARMACEUTICALS - 13.7%

 

   

Alvogen Pharma US, Inc.

       

First Lien Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 04/01/22 (b)

    2,849,151         2,763,677    

Bioclinica, Inc.

       

First Lien Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 10/20/23 (b)

    1,788,679         1,792,042    

CHS/Community Health Systems, Inc.

       

Incremental Term Loan F, (LIBOR + 3.25%, 0.00% Floor), 4.18%, 12/31/18 (b)(e)

    2,900,435         2,859,945    

Term Loan A, (LIBOR + 2.50%, 0.00% Floor), 3.43%, 01/25/19 (b)(e)

    2,497,618         2,467,959    

ExamWorks Group, Inc.

       

Initial Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 07/27/23 (b)

    1,485,000         1,496,761    

HCR ManorCare, Inc.

       

Initial Term Loan, (LIBOR + 3.50%, 1.50% Floor), 5.00%, 04/06/18 (b)

    2,515,430         2,207,956    

Jaguar Holding Co. II

       

Initial Term Loan, (LIBOR + 3.25%, 1.00% Floor), 4.25%, 08/18/22 (b)

    859,696         870,442    

Lanai Holdings II, Inc.

       

First Lien Term Loan B, (LIBOR + 4.75%, 1.00% Floor), 5.75%, 08/29/22 (b)

    2,731,706         2,728,291    

Lanai Holdings III, Inc.

       

Second Lien Initial Term Loan, (LIBOR + 8.50%, 1.00% Floor), 9.50%, 08/28/23 (b)

    869,565         843,478    

Nmsc Holdings, Inc.

       

First Lien Term Loan B, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 04/19/23 (b)

    561,524         567,841    

Opal Acquisition, Inc.

       

Term Loan B, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 11/27/20 (b)

    3,497,640         3,348,990    

Premier Dental Services, Inc.

       

New Term Loan, (LIBOR + 6.50%, 1.00% Floor), 7.50%, 11/01/18 (b)(d)

    4,728,833         4,711,100    

Press Ganey Holdings, Inc.

       

Second Lien Term Loan, (LIBOR + 7.25%, 1.00% Floor), 8.25%, 10/21/24 (b)

    1,250,000         1,275,000    
   

   Principal

 Amount ($) 

 

 

 Value ($) 

 

     

 

HEALTHCARE & PHARMACEUTICALS (continued)

 

 

 

Surgery Center Holdings, Inc.

       

First Lien Initial Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 11/03/20 (b)

    2,662,093         2,688,714    

U.S. Renal Care, Inc.

       

Term Loan B, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 12/30/22 (b)

    3,989,924         3,755,516    

Valeant Pharmaceuticals International, Inc. (Canada) Delayed Draw First Lien Term Loan, (LIBOR + 3.75%, 0.00% Floor), 4.50%, 04/01/20 (b)(c)

    140,734         139,081    

Tranche B Term Loan Series C-2, (LIBOR + 4.50%, 0.75% Floor), 5.25%, 12/11/19 (b)(c)

    2,027,695         2,027,877    

Tranche B Term Loan Series D-2, (LIBOR + 4.25%, 0.75% Floor), 5.00%, 02/13/19 (b)(c)

    374,455         374,830    

Tranche B Term Loan Series E-1, (LIBOR + 4.50%, 0.75% Floor), 5.25%, 08/05/20 (b)(c)(e)

    1,500,000         1,498,856    
     

 

 

   
                38,418,356    
     

 

 

   

 

HIGH TECH INDUSTRIES - 15.4%

 

   

Aptean, Inc.

       

First Lien Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 12/20/22 (b)(e)

    1,610,687         1,626,794    

Second Lien Term Loan B, (LIBOR + 9.50%, 1.00% Floor), 10.50%, 12/20/23 (b)(e)

    763,810         764,127    

Aricent Technologies (Cayman Islands)

       

First Lien Initial Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 04/14/21 (b)(c)(e)

    1,403,002         1,362,665    

Cortes NP Acquisition Corp.

       

Initial Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 11/30/23 (b)

    5,000,000         5,075,000    

Flexera Software, LLC

       

Second Lien Term Loan, (LIBOR + 7.00%, 1.00% Floor), 8.00%, 04/02/21 (b)

    2,972,965         2,941,986    

Informatica Corp.

       

Dollar Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 08/05/22 (b)

    2,829,216         2,822,440    

Kronos Incorporated

       

First Lien Initial Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 11/01/23 (b)

    1,122,807         1,138,599    

Landslide Holdings, Inc. (Crimson Acquisition Corp.)

       

First Lien Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 09/27/22 (b)

    1,920,176         1,948,979    
 

 

10  |  See accompanying Notes to Financial Statements.


Apollo Senior Floating Rate Fund Inc.

Schedule of Investments  (continued)

December 31, 2016

 

   

   Principal

 Amount ($) 

 

 

 Value ($) 

 

     

 

Senior Loans (a)   (continued)

 

 

     

HIGH TECH INDUSTRIES (continued)

 

   

Second Lien Term Loan, (LIBOR + 8.50%, 1.00% Floor), 9.50%, 09/27/23 (b)

    1,000,000         1,015,000    

Lanyon Solutions, Inc.

       

(Lanyon, Inc.) First Lien Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 11/13/20 (b)(e)

    2,512,094         2,513,664    

MSC.Software Corp.

       

First Lien Initial Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 05/29/20 (b)

    1,745,250         1,749,613    

Second Lien Initial Term Loan, (LIBOR + 7.50%, 1.00% Floor), 8.50%, 05/31/21 (b)(d)

    500,000         500,625    

ON Semiconductor Corp.

       

Term Loan B, (LIBOR + 3.25%, 0.00% Floor), 4.02%, 03/31/23 (b)

    2,202,956         2,235,009    

Riverbed Technology, Inc.

       

Term Loan B, (LIBOR + 3.25%, 1.00% Floor), 4.25%, 04/25/22 (b)(e)

    2,997,527         3,023,336    

Sophia L.P.

       

Closing Date Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 09/30/22 (b)

    2,955,848         2,988,185    

TIBCO Software, Inc.

       

Term Loan, (LIBOR + 5.50%, 1.00% Floor), 6.50%, 12/04/20 (b)

    3,096,040         3,114,756    

Triple Point Group Holdings, Inc.

       

Term Loan B, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 07/10/20 (b)

    1,384,346         1,234,380    

Vision Solutions, Inc.

       

Term Loan, (LIBOR + 6.50%, 1.00% Floor), 7.50%, 06/16/22 (b)

    3,975,000         3,979,969    

Western Digital Corp.

       

Term Loan B-1, (LIBOR + 3.75%, 0.75% Floor), 4.52%, 04/29/23 (b)

    3,184,000         3,239,720    
     

 

 

   
                43,274,847    
     

 

 

   

 

HOTEL, GAMING & LEISURE - 5.8%

 

   

Delta 2 (Lux) S.a.r.l. (Luxembourg)

       

Facility B-3 Term Loan (USD), (LIBOR + 3.75%, 1.00% Floor), 5.07%, 07/30/21 (b)(c)

    2,839,596         2,872,649    

Equinox Holdings, Inc.

       

First Lien New Initial Term Loan, (LIBOR + 3.75%, 1.25% Floor), 5.00%, 01/31/20 (b)

    4,065,882         4,114,164    

Everi Payments, Inc.

       

Term Loan B, (LIBOR + 5.25%, 1.00% Floor), 6.25%, 12/18/20 (b)

    1,622,979         1,585,107    

The Intertain Group, Ltd. (The Intertain Group Finance, LLC) (Canada)

       

Initial Term Loan B, (LIBOR + 6.50%, 1.00% Floor), 7.50%, 04/08/22 (b)(c)

    705,821         711,997    
   

   Principal

 Amount ($) 

 

 

 Value ($) 

 

     

 

HOTEL, GAMING & LEISURE (continued)

 

   

Mohegan Tribal Gaming Authority

       

Term Loan A, (LIBOR + 4.25%, 0.00% Floor), 5.02%, 10/13/21 (b)

    2,406,250         2,423,551    

Scientific Games International, Inc.

       

Initial Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 10/18/20 (b)

    2,232,337         2,264,661    

Initial Term Loan B-2, (LIBOR + 5.00%, 1.00% Floor), 5.83%, 10/01/21 (b)

    2,364,295         2,398,104    
     

 

 

   
                16,370,233    
     

 

 

   

 

MEDIA: ADVERTISING, PRINTING & PUBLISHING - 3.6%

 

 

 

Advantage Sales & Marketing, Inc.

       

Second Lien Term Loan, (LIBOR + 6.50%, 1.00% Floor), 7.50%, 07/25/22 (b)

    4,000,000         3,917,520    

ALM Media, LLC

       

First Lien Term Loan B, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 07/31/20 (b)(d)

    3,075,666         2,914,193    

F & W Media, Inc.

       

Initial Term Loan, (LIBOR + 9.50%, 1.25% Floor), 10.75%, 06/30/19 (b)

    2,218,425         1,830,200    

Information Resources, Inc.

       

First Lien Term Loan B, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 12/20/23 (b)(e)

    1,503,797         1,516,955    
     

 

 

   
        10,178,868    
     

 

 

   

 

MEDIA: BROADCASTING & SUBSCRIPTION - 10.2%

 

 

 

Beasley Broadcast Group, Inc.

       

First Lien Term Loan B, (LIBOR + 6.00%, 1.00% Floor), 7.00%, 11/01/23 (b)(d)

    873,028         875,211    

CBS Radio, Inc.

       

Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 10/17/23 (b)

    1,403,650         1,420,017    

CSC Holdings, LLC

       

Extended Term Loan, (LIBOR + 3.00%, 0.75% Floor), 3.88%, 10/11/24 (b)

    1,007,495         1,020,088    

Emmis Operating Co.

       

Term Loan, (LIBOR + 6.00%, 1.00% Floor), 7.00%, 06/10/21 (b)

    1,277,784         1,181,950    

Entercom Radio, LLC

       

Term Loan B, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 11/01/23 (b)

    500,000         507,110    

Grande Communications Networks, LLC

       

Initial Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 05/29/20 (b)

    1,970,259         1,985,282    

Hargray Communications Group, Inc.

       

Term Loan B-1, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 06/26/19 (b)

    1,994,862         2,021,872    
 

 

See accompanying Notes to Financial Statements.  |  11


Apollo Senior Floating Rate Fund Inc.

Schedule of Investments  (continued)

December 31, 2016

 

   

   Principal

 Amount ($) 

 

 

 Value ($) 

 

     

 

Senior Loans (a)   (continued)

 

 

     

MEDIA: BROADCASTING & SUBSCRIPTION (continued)

 

 

 

Hemisphere Media Holdings, LLC

       

(Intermedia Espanol, Inc.)
Term Loan B, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 07/30/20 (b)

    2,437,329         2,464,749    

Intelsat Jackson Holdings S.A.

       

(Luxembourg)

       

Tranche B-2 Term Loan, (LIBOR + 2.75%, 1.00% Floor), 3.75%, 06/30/19 (b)(c)

    3,564,990         3,458,041    

Numericable U.S., LLC (France)

       

Term Loan B-7, (LIBOR + 4.25%, 0.75% Floor), 5.14%, 01/15/24 (b)(c)

    3,139,352         3,186,176    

SESAC Holdco II, LLC

       

First Lien Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 02/08/19 (b)

    1,908,258         1,913,029    

Telecommunications Management, LLC

       

First Lien Initial Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 04/30/20 (b)

    1,193,626         1,190,272    

Second Lien Initial Term Loan, (LIBOR + 8.00%, 1.00% Floor), 9.00%, 10/30/20 (b)(d)

    710,475         691,825    

WideOpenWest Finance, LLC

       

Term Loan B, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 08/18/23 (b)

    1,441,576         1,459,077    

William Morris Endeavor Entertainment, LLC (IMG Worldwide Holdings, LLC)

       

First Lien Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 05/06/21 (b)

    5,188,377         5,253,257    
     

 

 

   
                28,627,956    
     

 

 

   

 

MEDIA: DIVERSIFIED & PRODUCTION - 0.6%

 

   

A-L Parent, LLC

       

First Lien Term Loan B, (LIBOR + 3.25%, 1.00% Floor), 4.25%, 12/01/23 (b)(e)

    1,170,141         1,187,693    

Second Lien Term Loan, (LIBOR + 7.25%, 1.00% Floor), 8.25%, 12/02/24 (b)

    500,000         503,750    
     

 

 

   
        1,691,443    
     

 

 

   

 

METALS & MINING - 0.0%

 

   

Magnetation, LLC / Mag Finance Corp.

       

Term Loan (12.00% PIK), 12.00%, 10/14/16 (d)(g)(h)

    279,932            
     

 

 

   

 

RETAIL - 9.1%

 

   

Academy Ltd.

       

Initial Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 07/01/22 (b)

    2,853,042         2,646,196    
   

   Principal

 Amount ($) 

 

 

 Value ($) 

 

     

 

RETAIL (continued)

 

   

Bass Pro Group, LLC

       

Asset-Sale Term Loan, (LIBOR + 4.75%, 0.75% Floor), 5.72%, 06/08/18 (b)

    593,258         593,445    

First Lien Term Loan A, (LIBOR + 4.00%, 0.00% Floor), 4.97%, 04/01/22 (b)(e)

    1,071,397         1,060,683    

Initial Term Loan, (LIBOR + 5.00%, 0.75% Floor), 5.97%, 12/15/23 (b)

    728,603         722,749    

Belk, Inc.

       

Closing Date First Lien Term Loan, (LIBOR + 4.75%, 1.00% Floor), 5.75%, 12/12/22 (b)

    323,871         280,418    

Charming Charlie, LLC

       

Initial Term Loan, (LIBOR + 8.00%, 1.00% Floor), 9.00%, 12/24/19 (b)

    3,581,633         1,993,770    

David’s Bridal, Inc.

       

Initial Term Loan, (LIBOR + 4.00%, 1.25% Floor), 5.25%, 10/11/19 (b)

    1,500,000                   1,330,628    

J. Crew Group, Inc.

       

Initial Term Loan, (LIBOR + 3.00%, 1.00% Floor), 4.00%, 03/05/21 (b)

    492,347         282,484    

JC Penney Corp., Inc.

       

2016 Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 06/23/23 (b)

    3,789,500         3,812,388    

Jo-Ann Stores, LLC

       

Initial Term Loan B, (LIBOR + 5.00%, 1.00% Floor), 6.26%, 10/20/23 (b)

    2,758,620         2,784,482    

Leslie’s Poolmart, Inc.

       

First Lien Term Loan B, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 08/16/23 (b)

    715,598         724,993    

Mister Car Wash Holdings, Inc.

       

First Lien Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 08/20/21 (b)(e)

    712,460         715,872    

The Neiman Marcus Group, Inc.

       

Other Term Loan, (LIBOR + 3.25%, 1.00% Floor), 4.25%, 10/25/20 (b)(e)

    1,000,000         872,250    

Petco Animal Supplies, Inc.

       

Tranche B-1 Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 01/26/23 (b)

    2,307,563         2,323,231    

Tranche B-2 Term Loan, (LIBOR + 4.25%, 0.00% Floor), 5.14%, 01/26/23 (b)

    1,600,806         1,612,644    

Sears Roebuck Acceptance Corp.

       

(KMART Corp.) 2015 Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 06/30/18 (b)

    2,493,573         2,398,506    
 

 

12  |  See accompanying Notes to Financial Statements.


Apollo Senior Floating Rate Fund Inc.

Schedule of Investments  (continued)

December 31, 2016

 

 

   

   Principal

 Amount ($) 

 

 

 Value ($) 

 

     

 

Senior Loans (a)   (continued)

 

 

     

RETAIL (continued)

 

   

Vince, LLC (Vince Intermediate Holding LLC)

       

Term Loan B, (LIBOR + 5.00%, 1.00% Floor), 6.00%,
11/27/19 (b)(d)(e)

    1,475,639         1,431,369    
     

 

 

   
                25,586,108    
     

 

 

   

 

SERVICES: BUSINESS - 15.8%

 

   

Americold Realty Operating Partnership, L.P.

       

Initial Term Loan, (LIBOR + 4.75%, 1.00% Floor), 5.75%, 12/01/22 (b)

    3,191,527         3,233,432    

Camelot Finance, LP

       

Initial Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 10/03/23 (b)

    2,614,145         2,649,540    

Carecore National, LLC

       

Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 03/05/21 (b)

    1,366,030         1,347,247    

EIG Investors Corp.

       

Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 02/09/23 (b)

    677,457         673,222    

Term Loan, (LIBOR + 5.48%, 1.00% Floor), 6.48%, 11/09/19 (b)

    5,272,294         5,253,340    

Evergreen Skills Lux S.a.r.l.

       

First Lien Initial Term Loan, (LIBOR + 4.75%, 1.00% Floor), 5.84%, 04/28/21 (b)

    884,560         810,757    

Second Lien Initial Term Loan, (LIBOR + 8.25%, 1.00% Floor), 9.34%, 04/28/22 (b)

    1,000,000         753,440    

Explorer Holdings, Inc.

       

Initial Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 05/02/23 (b)

    3,489,981         3,572,868    

GCA Services Group, Inc.

       

First Lien Term Loan, (Variable + 4.73%, 1.32% Floor), 6.05%, 03/01/23 (b)

    1,344,305         1,364,476    

IBC Capital Ltd.

       

First Lien Initial Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.98%, 09/09/21 (b)

    4,137,433         4,101,230    

Infogroup, Inc.

       

Term Loan B, (LIBOR + 5.50%, 1.50% Floor), 7.00%, 05/28/18 (b)

    1,161,294         1,149,501    

Onex Carestream Finance L.P.

       

First Lien Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 06/07/19 (b)

    2,389,776         2,328,036    

Second Lien Term Loan, (LIBOR + 8.50%, 1.00% Floor), 9.50%, 12/07/19 (b)

    2,415,389         1,992,696    

Packers Holdings, LLC

       

Term Loan B, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 12/02/21 (b)

    1,176,433         1,197,021    
   

   Principal

 Amount ($) 

 

 

 Value ($) 

 

     

 

SERVICES: BUSINESS (continued)

 

   

SGS Cayman L.P.

       

Initial Cayman Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 04/23/21 (b)

    423,904         418,340    

SMG

       

Term Loan B, (LIBOR + 3.50%, 1.00% Floor), 4.62%, 02/27/20 (b)

    2,337,987         2,331,558    

Solera, LLC (Solera Finance, Inc.)

       

Dollar Term Loan, (LIBOR + 4.75%, 1.00% Floor), 5.75%, 03/03/23 (b)

    3,725,494         3,781,377    

Sutherland Global Services, Inc.

       

Initial U.S. Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 04/23/21 (b)

    1,821,071         1,797,170    

U.S. Security Associates Holdings, Inc.

       

Term Loan B, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 07/14/23 (b)

    2,010,229         2,025,306    

USS Parent Holding Corp.

       

Delayed Draw Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 08/11/23 (b)

    152,711         153,793    

Initial Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 08/11/23 (b)

    3,461,456         3,485,981    
     

 

 

   
                44,420,331    
     

 

 

   

 

SERVICES: CONSUMER - 2.8%

 

   

Laureate Education, Inc.

       

Extended Term Loan Series 2021, (LIBOR + 8.00%, 0.00% Floor), 8.87%, 03/17/21 (b)

    1,989,967         2,001,171    

NVA Holdings, Inc.

       

First Lien Incremental Term Loan B-1, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 08/14/21 (b)

    538,491         541,183    

First Lien Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 08/14/21 (b)

    3,140,528         3,166,045    

Second Lien Term Loan, (LIBOR + 7.00%, 1.00% Floor), 8.00%, 08/14/22 (b)

    2,308,152         2,317,777    
     

 

 

   
        8,026,176    
     

 

 

   

 

TELECOMMUNICATIONS - 3.7%

 

   

Avaya, Inc.

       

Term Loan B-7, (LIBOR + 5.25%, 1.00% Floor), 6.25%, 05/29/20 (b)

    2,147,384         1,873,603    

Global Tel*Link Corp.

       

First Lien Term Loan, (LIBOR + 3.75%, 1.25% Floor), 5.00%, 05/23/20 (b)

    5,366,426         5,353,037    

GTT Communications, Inc.

       

First Lien Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 12/13/23 (b)(e)

    500,000         508,543    
 

 

See accompanying Notes to Financial Statements.  |  13


Apollo Senior Floating Rate Fund Inc.

Schedule of Investments  (continued)

December 31, 2016

 

 

   

   Principal

 Amount ($) 

 

 

 Value ($) 

 

     

 

Senior Loans (a)   (continued)

 

   

TELECOMMUNICATIONS (continued)

 

 

     

Securus Technologies Holdings, Inc.

       

Second Lien Initial Term Loan, (LIBOR + 7.75%, 1.25% Floor), 9.00%, 04/30/21 (b)

    2,800,000         2,732,450    
     

 

 

   
                10,467,633    
     

 

 

   

 

TRANSPORTATION: CARGO - 1.4%

 

 

     

Carrix, Inc.

       

Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 01/07/19 (b)(e)

    3,881,371         3,849,039    
     

 

 

   

 

TRANSPORTATION: CONSUMER - 0.6%

 

 

     

Travel Leaders Group, LLC

       

Tranche B Term Loan, (LIBOR + 6.00%, 1.00% Floor), 7.00%, 12/07/20 (b)

    1,687,157         1,684,348    
     

 

 

   

 

UTILITIES: ELECTRIC - 5.0%

 

 

     

EFS Cogen Holdings I, LLC

       

Term Loan B, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 06/28/23 (b)(e)

    2,864,503         2,893,148    

Green Energy Partners

       

Term Loan B-2, (LIBOR + 5.50%, 1.00% Floor), 6.50%,
11/13/21 (b)(d)(e)

    340,909         339,205    

Green Energy Partners (Stonewall, LLC)

       

Term Loan B-1, (LIBOR + 5.50%, 1.00% Floor), 6.50%,
11/13/21 (b)(d)(e)

    588,273         585,332    

Moxie Patriot, LLC

       

Construction B-1 Advance, (LIBOR + 5.75%, 1.00% Floor), 6.75%, 12/19/20 (b)

    3,001,407         2,986,400    

Panda Liberty, LLC

       

Construction B-1 Advance, (LIBOR + 6.50%, 1.00% Floor), 7.50%, 08/21/20 (b)

    1,780,409         1,760,379    
   

   Principal

 Amount ($) 

 

 

 Value ($) 

 

     

 

UTILITIES: ELECTRIC (continued)

 

 

     

Pike Corp.

       

First Lien Initial Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 12/22/21 (b)

    2,097,104         2,110,210    

Second Lien Initial Term Loan, (LIBOR + 8.50%, 1.00% Floor), 9.50%, 06/22/22 (b)

    2,500,000         2,514,588    

WG Partners Acquisition, LLC
Term Loan B, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 11/15/23 (b)(d)

    874,431         885,362    
     

 

 

   
                14,074,624    
     

 

 

   

Total Senior Loans
(Cost $380,231,694)

        378,393,685    
     

 

 

   

Corporate Notes and Bonds - 10.2% (g)

 

   

AUTOMOTIVE - 0.2%

 

 

     

American Tire Distributors, Inc.

       

10.25%, 03/01/22 (i)

    600,000         578,598    
     

 

 

   

 

BANKING, FINANCE, INSURANCE & REAL ESTATE - 1.3%

 

 

 

Crescent Communities, LLC

       

8.88%, 10/15/21 (i)

    1,000,000         1,012,500    

Donnelley Financial Solutions, Inc.

       

8.25%, 10/15/24 (i)

    2,539,000         2,589,780    
     

 

 

   
        3,602,280    
     

 

 

   

 

CONTAINERS, PACKAGING & GLASS - 0.7%

 

 

     

Reynolds Group Holdings, Inc.

       

6.88%, 02/15/21

    1,999,498         2,057,487    
     

 

 

   

 

HEALTHCARE & PHARMACEUTICALS - 0.7%

 

 

     

Valeant Pharmaceuticals International, Inc. (Canada)

       

5.38%, 03/15/20 (c)(i)

    1,500,000         1,275,000    

7.50%, 07/15/21 (c)(i)

    1,000,000         851,250    
     

 

 

   
        2,126,250    
     

 

 

   

 

HIGH TECH INDUSTRIES - 1.5%

 

 

     

Riverbed Technology, Inc.

       

8.88%, 03/01/23 (i)

    3,000,000         3,180,000    

RP Crown Parent, LLC

       

7.38%, 10/15/24 (i)

    1,000,000         1,040,000    
     

 

 

   
        4,220,000    
     

 

 

   

 

HOTEL, GAMING & LEISURE - 0.1%

 

 

     

Scientific Games International, Inc.

       

7.00%, 01/01/22 (i)

    253,000         272,607    
     

 

 

   

 

MEDIA: ADVERTISING, PRINTING & PUBLISHING - 0.3%

 

 

 

Acosta, Inc.

       

7.75%, 10/01/22 (i)

    1,000,000         845,000    
     

 

 

   

 

MEDIA: BROADCASTING & SUBSCRIPTION - 3.2%

 

 

 

Columbus International, Inc.

       

(Barbados)

       

7.38%, 03/30/21 (c)(i)

    1,285,000         1,372,239    

CSC Holdings, LLC

       

5.50%, 04/15/27 (i)

    1,125,000         1,141,875    
 

 

14  |  See accompanying Notes to Financial Statements.


Apollo Senior Floating Rate Fund Inc.

Schedule of Investments  (continued)

December 31, 2016

 

   

   Principal

 Amount ($) 

 

 

 Value ($) 

 

     

 

Corporate Notes and Bonds (g)   (continued)

 

 

 

MEDIA: BROADCASTING & SUBSCRIPTION (continued)

 

 

 

Neptune Finco Corp.

       

10.13%, 01/15/23 (i)

    105,000         121,537    

10.88%, 10/15/25 (i)

    293,000         349,403    

Radio One, Inc.

       

7.38%, 04/15/22 (i)

    1,516,000         1,508,420    

9.25%, 02/15/20 (i)

    1,484,000         1,354,150    

SiTV, Inc.

       

10.38%, 07/01/19 (i)

    3,420,000         2,103,300    

WideOpenWest Finance, LLC

       

10.25%, 07/15/19

    1,000,000         1,057,500    
     

 

 

   
        9,008,424    
     

 

 

   

 

METALS & MINING - 0.0%

 

 

 

 

Magnetation, LLC / Mag Finance Corp.

       

11.00%, 05/15/18 (d)(f)(i)(j)

    639,000            
     

 

 

   

 

RETAIL - 0.3%

 

 

 

Jo-Ann Stores, LLC

       

8.13%, 03/15/19 (i)

    796,000         794,010    
     

 

 

   

 

SERVICES: BUSINESS - 0.8%

 

 

 

Camelot Finance S.A.

       

(Luxembourg)

       

7.88%, 10/15/24 (c)(i)

    2,080,000         2,158,000    
     

 

 

   

 

TELECOMMUNICATIONS - 1.1%

 

 

 

Altice Financing S.A. (Luxembourg)

       

7.50%, 05/15/26 (c)(i)

    2,076,000         2,164,230    

GTT Escrow Corp.

       

7.88%, 12/31/24 (i)

    788,000         823,618    
     

 

 

   
        2,987,848    
     

 

 

   

Total Corporate Notes and Bonds
(Cost $30,559,557)

                28,650,504    
     

 

 

   
       
   

Share

Quantity

 

 

 Value ($) 

 

     

Common Stocks - 0.0%

 

       

BANKING, FINANCE, INSURANCE & REAL ESTATE - 0.0%

 

 

 

Medical Card System, Inc. (d)(f)

    991,230            

 

ENERGY: OIL & GAS - 0.0%

 

 

 

Southcross Holdings Borrower, GP LLC (d)(f)

    129            

Southcross Holdings Borrower, LP, Class A-II (d)(f)

    129         48,375    
     

 

 

   
        48,375    
     

 

 

   

Total Common Stock
(Cost $58,051)

        48,375    
     

 

 

   
   

Share

  Quantity  

 

 

 Value ($) 

 

     

 

Preferred Stock - 1.4%

 

 

 

BANKING, FINANCE, INSURANCE & REAL ESTATE - 1.4%

 

 

 

Watford Holdings, Ltd. (Bermuda)
8.50% (c)(d)(i)

    160,000         3,854,496    
     

 

 

   

Total Preferred Stock
(Cost $3,920,000)

        3,854,496    
     

 

 

   

Total Investments-146.1%

         410,947,060    

(Cost of $414,769,302) (k)

       

Other Assets & Liabilities, Net-3.8%

        10,862,823    

Loan Outstanding-(49.9)% (l)(m)

    (140,481,968  
     

 

 

   

Net Assets (Applicable to Common Shares)-100.0%

        281,327,915    
     

 

 

   
 

 

See accompanying Notes to Financial Statements.  |  15


Apollo Senior Floating Rate Fund Inc.

Schedule of Investments  (continued)

December 31, 2016

 

 

 

(a)   “Senior Loans” are senior, secured loans made to companies whose debt is below investment grade as well as investments with similar economic characteristics. Senior Loans typically hold a first lien priority and, unless otherwise indicated, are required to pay interest at floating rates that are periodically reset by reference to a base lending rate plus a spread. In some instances, the rates shown represent the weighted average rate as of December 31, 2016. Senior Loans are generally not registered under the Securities Act of 1933 (the “1933 Act”) and often incorporate certain restrictions on resale and cannot be sold publicly. Senior Loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual maturity may be substantially less than the stated maturity.

 

     Senior Loan assets may have additional unfunded loan commitments. As of December 31, 2016, the Fund had unfunded loan commitments, which could be extended at the option of the borrower, pursuant to the following loan agreements:

 

    Borrower    Unfunded Loan
Commitments
 
 

 

 
  Mister Car Wash Holdings, Inc.        $ 142,857      
  TCB Holdings III Corp.      116,601      
  Team Health Holdings, Inc.      2,050,861      
  USS Parent Holding Corp.      357,219      
    

 

 

 
  Total unfunded loan commitments        $ 2,667,538      
    

 

 

 

 

(b)   The interest rate on this Senior Loan is subject to a base lending rate plus a spread. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily the prime rate offered by one or more major U.S. banks (“Prime”). The interest rate is subject to a minimum floor, which may be less than or greater than the prevailing period end LIBOR/Prime rate. As of December 31, 2016, the 1, 3 and 6 month LIBOR rates were 0.77%, 1.00% and 1.32%, respectively, and the Prime lending rate was 3.75%. Senior Loans may contain multiple contracts of the same issuer which may be subject to base lending rates of both LIBOR and Prime (“Variable”) in addition to the stated spread.
(c)   Foreign issuer traded in U.S. dollars.
(d)   Fair Value Level 3 security. All remaining securities are categorized as Level 2.
(e)   All or a portion of this Senior Loan position has not settled. Full contract rates do not take effect until settlement date and therefore are subject to change.
(f)   Non-income producing asset.
(g)   Fixed rate asset.
(h)   Represents a payment-in-kind (“PIK”) security, which may pay interest in additional principal amount.
(i)   Securities exempt from registration pursuant to Rule 144A under the 1933 Act. These securities may only be resold in transactions exempt from registration to qualified institutional buyers. At December 31, 2016, these securities amounted to $29,390,013, or 10.45% of net assets.
(j)   The issuer is in default of its payment obligations as of May 5, 2015, as such, income is no longer being accrued. The issuer paid a cash dividend to all shareholders of record as of January 6, 2016, which was recorded as a cost basis adjustment.
(k)   The aggregate cost of securities for federal income tax purposes was $415,081,880. Cost for U.S. federal income tax purposes differs from book basis primarily due to the deferral of losses from wash sales. Unrealized appreciation and depreciation on investments were as follows:

 

 

Gross unrealized appreciation

     $ 6,368,754   
 

Gross unrealized depreciation

     (10,503,574)  
    

 

 

 
 

Net unrealized depreciation

     $ (4,134,820)  
    

 

 

 

 

(l)   The Fund has granted a security interest in substantially all of its assets in the event of default under the credit facility.
(m)   Principal $141,000,000 less unamortized deferred financing costs of $518,032.

 

16  |  See accompanying Notes to Financial Statements.


Apollo Tactical Income Fund Inc.

Schedule of Investments

December 31, 2016

 

   

Principal
 Amount ($) 

 

   

 Value ($) 

 

     

 

Senior Loans - 113.5% (a)

 

 

 

AEROSPACE & DEFENSE - 4.1%

 

 

 

DAE Aviation Holdings, Inc.

     

Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 07/07/22 (b)

    3,965,684           4,000,404    

Engility Corp.

     

Term Loan B-1, (LIBOR + 4.25%, 0.00% Floor), 5.02%, 08/12/20 (b)

    957,727           969,847    

Term Loan B-2, (Variable + 4.75%, 1.04% Floor), 5.79%, 08/14/23 (b)

    860,329           875,170    

PAE Holding Corp.

     

First Lien Initial Term Loan, (LIBOR + 5.50%, 1.00% Floor), 6.50%, 10/20/22 (b)

    1,663,769           1,680,407    

Second Lien Term Loan, (LIBOR + 9.50%, 1.00% Floor), 10.50%, 10/20/23 (b)

    1,101,291           1,117,811    

Photonis Technologies SAS (France)

     

First Lien Initial Dollar Term Loan, (LIBOR + 7.50%, 1.00% Floor), 8.50%, 09/18/19 (b)(c)

    1,897,815           1,641,610    
   

 

 

   
              10,285,249    
   

 

 

   

 

AUTOMOTIVE - 3.2%

 

 

 

American Tire Distributors, Inc.

     

Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 09/01/21 (b)

    1,615,878           1,614,197    

Innovative XCessories &

     

Services, LLC First Lien Term Loan B, (LIBOR + 4.75%, 1.00% Floor), 5.75%, 11/29/22 (b)

    1,296,821           1,306,547    

Tectum Holdings, Inc.

     

First Lien Initial Term Loan, (LIBOR + 4.75%, 1.00% Floor), 5.75%, 08/24/23 (b)(d)

    2,707,966           2,748,586    

U.S. Farathane, LLC

     

Term Loan B-2, (LIBOR + 4.75%, 1.00% Floor), 5.75%, 12/23/21 (b) .

    2,290,250           2,300,751    
   

 

 

   
      7,970,081    
   

 

 

   

 

BANKING, FINANCE, INSURANCE & REAL ESTATE - 9.8%

 

 

 

Alliant Holdings Intermediate, LLC

     

2016 Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.25%, 08/12/22 (b)

    2,338,762           2,365,553    

AqGen Island Intermediate Holdings, Inc.

     

First Lien Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 12/05/22 (b)

    2,457,462           2,460,534    
   

Principal
 Amount ($) 

 

   

 Value ($) 

 

     

 

BANKING, FINANCE, INSURANCE & REAL ESTATE (continued)

 

 

 

Asurion, LLC

     

Incremental Tranche B-4 Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 08/04/22 (b)

    988,579           1,003,037    

Incremental Tranche B-5 Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 11/03/23 (b)

    615,763           625,307    

Second Lien Term Loan, (LIBOR + 7.50%, 1.00% Floor), 8.50%, 03/03/21 (b)

    1,000,000           1,018,440    

CRCI Holdings, Inc.

     

Initial Term Loan, (LIBOR + 5.50%, 1.00% Floor), 6.50%, 08/31/23 (b)

    2,244,375           2,249,043    

Donnelley Financial Solutions, Inc.

     

Term Loan B, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 09/29/23 (b)

    857,143           867,501    

Henry Company, LLC

     

Initial Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 10/05/23 (b)

    875,676           886,626    

iStar, Inc.

     

Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 07/01/20 (b)

    1,394,991           1,413,594    

Medical Card System, Inc.

     

Term Loan, (LIBOR + 0.50%, 1.00% Floor), 1.50%, 05/31/19 (b)(d)

    4,913,829           3,277,363    

MMM Holdings, Inc.

     

Term Loan, (LIBOR + 8.25%, 1.50% Floor), 9.75%, 06/30/19 (b)(d)

    906,324           885,932    

MPH Acquisition Holdings, LLC

     

Initial Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 06/07/23 (b)

    1,939,759           1,976,828    

MSO of Puerto Rico, Inc.

     

Term Loan, (LIBOR + 8.25%, 1.50% Floor), 9.75%, 06/30/19 (b)(d)

    658,893           644,068    

National Financial Partners Corp.

     

First Lien Term Loan B, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 12/09/23 (b)(e)

    3,574,850           3,611,492    

SquareTwo Financial Corp.

     

Term Loan, (10.50% PIK) (LIBOR + 9.50%, 1.00% Floor), 10.50%, 05/24/19 (b)(d)(f)

    182,497           182,497    

Term Loan, (11.00% PIK) (LIBOR +10.00%, 1.00% Floor), 11.00%, 05/01/19 (b)(d)(f)

    1,819,183           873,208    
   

 

 

   
              24,341,023    
   

 

 

   

 

BEVERAGE, FOOD & TOBACCO - 2.3%

 

 

 

The Chef’s Warehouse, Inc.

     

Initial Term Loan, (LIBOR + 5.75%, 1.00% Floor), 6.75%, 06/22/22 (b)

    1,088,380       1,095,868    
 

 

See accompanying Notes to Financial Statements.  |  17


Apollo Tactical Income Fund Inc.

Schedule of Investments  (continued)

December 31, 2016

 

   

   Principal

 Amount ($) 

 

 

 Value ($) 

 

     

 

Senior Loans (a)   (continued)

 

 

 

BEVERAGE, FOOD & TOBACCO (continued)

 

PFS Holding Corp.

       

First Lien Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 01/31/21 (b)

    1,223,049         1,177,185    

Second Lien Term Loan, (LIBOR + 7.25%, 1.00% Floor), 8.25%, 01/31/22 (b)

    499,800         464,189    

Winebow Holdings, Inc. (The Vintner Group Inc.)

       

First Lien Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 07/01/21 (b)

    563,714         565,124    

Second Lien Term Loan, (LIBOR + 7.50%, 1.00% Floor), 8.50%, 01/02/22 (b)

    2,505,795         2,355,447    
     

 

 

   
        5,657,813    
     

 

 

   

 

CAPITAL EQUIPMENT - 1.4%

 

MTS Systems Corp.

       

Term Loan B, (LIBOR + 4.25%, 0.75% Floor), 5.00%, 07/05/23 (b)

    3,325,000         3,375,922    
     

 

 

   

 

CHEMICALS, PLASTICS & RUBBER - 0.7%

 

ASP Chromaflo Intermediate Holdings, Inc.

       

First Lien Initial Tranche B-1 Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 11/20/23 (b)

    329,474         332,770    

First Lien Initial Tranche B-2 Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 11/20/23 (b)

    428,421         432,708    

PetroChoice Holdings, Inc.

       

First Lien Initial Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 08/19/22 (b)

    1,002,350         1,012,374    
     

 

 

   
        1,777,852    
     

 

 

   

 

CONSTRUCTION & BUILDING - 2.3%

 

IPS Structural Adhesives Holdings, Inc.

       

First Lien Term Loan, (LIBOR + 5.25%, 1.00% Floor),
12/20/23 (b)(d)(e)

    1,623,060         1,621,031    

Morsco, Inc.

       

Initial Term Loan, (LIBOR + 7.00%, 1.00% Floor), 8.00%, 10/31/23 (b)

    1,951,402         1,970,916    

Terra Millenium Corp.

       

Term Loan, (LIBOR + 6.25%, 1.00% Floor), 7.25%, 12/12/22 (b)(d)

    2,000,000         1,990,000    
     

 

 

   
                5,581,947    
     

 

 

   

 

CONSUMER GOODS: DURABLE - 0.6%

 

Serta Simmons Holdings, LLC

       

First Lien Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 11/08/23 (b)

    1,378,907         1,396,143    
     

 

 

   
   

   Principal

 Amount ($) 

 

 

 Value ($) 

 

     

 

CONSUMER GOODS: NON-DURABLE - 1.6%

 

ABG Intermediate Holdings 2, LLC

       

First Lien Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 05/27/21 (b)

    2,750,072         2,774,135    

Nine West Holdings, Inc.

       

Unsecured Initial Term Loan, (LIBOR + 5.25%, 1.00% Floor), 6.25%, 01/08/20 (b)

    658,474         155,288    

Oak Parent, Inc.

       

Initial Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 10/26/23 (b)

    1,051,763         1,057,680    
     

 

 

   
        3,987,103    
     

 

 

   

 

CONTAINERS, PACKAGING & GLASS - 3.8%

 

Anchor Glass Container Corp.

       

Second Lien Term Loan, (LIBOR + 7.75%, 1.00% Floor), 8.75%, 12/07/24 (b)

    500,000         511,250    

BWAY Holding Co.

       

Initial Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 08/14/23 (b)

    3,826,775         3,844,244    

Flex Acquisition Co, Inc.

       

Bridge Loan, (LIBOR + 7.00%, 1.00% Floor), 8.00%, 12/06/25 (b)(d)(e)

    1,278,000         1,279,597    

Hoover Group, Inc.

       

Initial Term Loan, (LIBOR + 7.25%, 1.00% Floor), 8.25%, 01/28/21 (b)(d)

    763,617         702,528    

Sprint Industrial Holdings, LLC

       

First Lien Term Loan, (LIBOR + 5.75%, 1.25% Floor), 7.00%, 05/14/19 (b)(d)

    2,579,376         1,908,738    

TCB Holdings III Corp.

       

First Lien Closing Date Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 11/30/23 (b)

    1,166,008         1,181,073    
     

 

 

   
        9,427,430    
     

 

 

   

 

ENERGY: ELECTRICITY - 1.6%

 

Vistra Operations Company, LLC

       

Initial Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 08/04/23 (b)

    3,257,143         3,301,179    

Initial Term Loan C, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 08/04/23 (b)

    742,857         752,901    
     

 

 

   
                4,054,080    
     

 

 

   

 

ENERGY: OIL & GAS - 1.5%

 

American Energy - Marcellus, LLC

       

First Lien Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 08/04/20 (b)

    1,383,515         765,547    

Azure Midstream Energy, LLC

       

Term Loan, (LIBOR + 6.50%, 1.00% Floor), 7.50%, 11/15/18 (b)

    487,214         452,500    
 

 

18  |  See accompanying Notes to Financial Statements.


Apollo Tactical Income Fund Inc.

Schedule of Investments  (continued)

December 31, 2016

 

   

   Principal

 Amount ($) 

 

 

 Value ($) 

 

     

 

Senior Loans (a)   (continued)

 

       

ENERGY: OIL & GAS (continued)

 

Drillships Financing Holding, Inc.

       

Tranche B-1 Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 03/31/21 (b)

    992,308         647,977    

HGIM Corp.

       

Term Loan A, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 06/18/18 (b)

    476,525         435,625    

Sheridan Investment Partners I, LLC

       

Deferred Principal Facility I, 10/01/19 (d)(g)

    4,749         2,850    

Tranche B-2 Term Loan, (LIBOR + 3.50%, 0.75% Floor), 4.34%, 10/01/19 (b)

    123,430         106,397    

Sheridan Production Partners I-A L.P.

       

Deferred Principal Facility I-A, 10/01/19 (d)(g)

    629         378    

Tranche B-2 Term Loan, (LIBOR + 3.50%, 0.75% Floor), 4.45%, 10/01/19 (b)

    16,355         14,098    

Sheridan Production Partners I-M L.P.

       

Deferred Principal Facility I-M, 10/01/19 (d)(g)

    384         231    

Tranche B-2 Term Loan, (LIBOR + 3.50%, 0.75% Floor), 4.45%, 10/01/19 (b)

    9,990         8,611    

Southcross Energy Partners L.P.

       

Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 08/04/21 (b)

    1,557,507         1,238,218    

Southcross Holdings Borrower, LP

       

Tranche B Term Loan (5.5% PIK), 9.00%, 04/13/23 (f)(h)

    118,312         92,283    
     

 

 

   
        3,764,715    
     

 

 

   

 

ENVIRONMENTAL INDUSTRIES - 0.8%

 

Emerald 2, Ltd. (United Kingdom)

       

Facility B-1 Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 05/14/21 (b)(c)

    2,187,706         1,972,578    
     

 

 

   

 

FOREST PRODUCTS & PAPER - 1.0%

 

Caraustar Industries, Inc.

       

Incremental Term Loan, (LIBOR + 6.75%, 1.25% Floor), 8.00%, 05/01/19 (b)

    1,294,509         1,318,781    

Term Loan, (LIBOR + 6.75%, 1.25% Floor), 8.00%, 05/01/19 (b)

    1,175,006         1,197,037    
     

 

 

   
                2,515,818    
     

 

 

   

 

HEALTHCARE & PHARMACEUTICALS - 11.4%

 

Alvogen Pharma US, Inc.

       

First Lien Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 04/01/22 (b)

    2,061,552         1,999,706    
   

   Principal

 Amount ($) 

 

 

 Value ($) 

 

     

 

HEALTHCARE & PHARMACEUTICALS (continued)

 

Bioclinica, Inc.

       

First Lien Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 10/20/23 (b)

    1,788,679         1,792,042    

CHS/Community Health Systems, Inc.

       

Incremental Term Loan F, (LIBOR + 3.25%, 0.00% Floor), 4.18%,
12/31/18 (b)(e)

    1,933,623         1,906,630    

Term Loan A, (LIBOR + 2.50%, 0.00% Floor), 3.43%, 01/25/19 (b) .

    1,807,299                 1,785,838    

HCR ManorCare, Inc.

       

Initial Term Loan, (LIBOR + 3.50%, 1.50% Floor), 5.00%, 04/06/18 (b)

    2,515,430         2,207,956    

Lanai Holdings II, Inc.

       

First Lien Term Loan B, (LIBOR + 4.75%, 1.00% Floor), 5.75%, 08/29/22 (b)

    2,731,706         2,728,291    

Lanai Holdings III, Inc.

       

Second Lien Initial Term Loan, (LIBOR + 8.50%, 1.00% Floor), 9.50%, 08/28/23 (b)

    869,565         843,478    

Nmsc Holdings, Inc.

       

First Lien Term Loan B, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 04/19/23 (b)

    561,524         567,842    

Opal Acquisition, Inc.

       

Term Loan B, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 11/27/20 (b) .

    3,497,640         3,348,990    

Premier Dental Services, Inc.

       

New Term Loan, (LIBOR + 6.50%, 1.00% Floor), 7.50%, 11/01/18 (b)(d)

    3,363,933         3,351,318    

Press Ganey Holdings, Inc.

       

Second Lien Term Loan, (LIBOR + 7.25%, 1.00% Floor), 8.25%, 10/21/24 (b)

    500,000         510,000    

Surgery Center Holdings, Inc.

       

First Lien Initial Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 11/03/20 (b)

    987,363         997,236    

U.S. Renal Care, Inc.

       

Term Loan B, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 12/30/22 (b)

    3,989,924         3,755,516    
 

 

See accompanying Notes to Financial Statements.  |  19


Apollo Tactical Income Fund Inc.

Schedule of Investments  (continued)

December 31, 2016

 

   

   Principal

 Amount ($) 

 

 

 Value ($) 

 

     

 

Senior Loans (a)   (continued)

 

 

 

HEALTHCARE & PHARMACEUTICALS (continued)

 

 

 

Valeant Pharmaceuticals International, Inc. (Canada)

       

Delayed Draw First Lien Term Loan, (LIBOR + 3.75%, 0.00% Floor), 4.50%, 04/01/20 (b)(c)

    578,790         571,989    

Tranche B Term Loan Series C-2, (LIBOR + 4.50%, 0.75% Floor), 5.25%, 12/11/19 (b)(c)

    496,156         496,200    

Tranche B Term Loan Series D-2, (LIBOR + 4.25%, 0.75% Floor), 5.00%, 02/13/19 (b)(c)

    1,540,087         1,541,627    
     

 

 

   
                28,404,659    
     

 

 

   

 

HIGH TECH INDUSTRIES - 15.5%

 

 

 

Aptean, Inc.

       

First Lien Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 12/20/22 (b)(e)

    1,610,687         1,626,794    

Second Lien Term Loan B, (LIBOR + 9.50%, 1.00% Floor), 10.50%, 12/20/23 (b)(e)

    470,000         470,195    

Aricent Technologies (Cayman Islands)

       

First Lien Initial Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 04/14/21 (b)(c)(e)

    1,403,002         1,362,665    

Cortes NP Acquisition Corp.

       

Initial Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 11/30/23 (b)

    5,000,000         5,075,000    

Flexera Software, LLC

       

Second Lien Term Loan, (LIBOR + 7.00%, 1.00% Floor), 8.00%, 04/02/21 (b)

    2,973,684         2,942,698    

Informatica Corp.

       

Dollar Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 08/05/22 (b)

    943,072         940,813    

Kronos Incorporated

       

First Lien Initial Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 11/01/23 (b)

    1,122,807         1,138,599    

Landslide Holdings, Inc. (Crimson Acquisition Corp.)

       

First Lien Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 09/27/22 (b)

    1,920,176         1,948,979    

Second Lien Term Loan, (LIBOR + 8.50%, 1.00% Floor), 9.50%, 09/27/23 (b)

    1,000,000         1,015,000    

Lanyon Solutions, Inc. (Lanyon, Inc.)

       

Second Lien Term Loan, (LIBOR + 9.50%, 1.00% Floor), 11/15/21 (b)(e)

    1,830,197         1,816,471    
   

   Principal

 Amount ($) 

 

 

 Value ($) 

 

     

 

HIGH TECH INDUSTRIES (continued)

 

 

 

Lanyon Solutions, Inc.

       

(Lanyon, Inc.)
First Lien Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 11/13/20 (b)(e)

    2,389,304         2,390,797    

MSC.Software Corp.

       

First Lien Initial Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 05/29/20 (b)

    878,475         880,671    

Second Lien Initial Term Loan, (LIBOR + 7.50%, 1.00% Floor), 8.50%, 05/31/21 (b)(d)

    2,550,000         2,553,188    

Riverbed Technology, Inc.

       

Term Loan B, (LIBOR + 3.25%, 1.00% Floor), 4.25%, 04/25/22 (b)(e)

    3,497,332         3,527,444    

TIBCO Software, Inc.

       

Term Loan, (LIBOR + 5.50%, 1.00% Floor), 6.50%, 12/04/20 (b)

    3,096,040         3,114,756    

Triple Point Group Holdings, Inc.

       

Term Loan B, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 07/10/20 (b)

    1,384,346         1,234,380    

Vision Solutions, Inc.

       

Term Loan, (LIBOR + 6.50%, 1.00% Floor), 7.50%, 06/16/22 (b)

    3,975,000         3,979,969    

Western Digital Corp.

       

Term Loan B-1, (LIBOR + 3.75%, 0.75% Floor), 4.52%, 04/29/23 (b)

    2,388,000         2,429,790    
     

 

 

   
                38,448,209    
     

 

 

   

 

HOTEL, GAMING & LEISURE - 4.1%

 

 

 

Delta 2 (Lux) S.a.r.l. (Luxembourg)

       

Facility B-3 Term Loan (USD), (LIBOR + 3.75%, 1.00% Floor), 5.07%, 07/30/21 (b)(c)

    2,000,000         2,023,280    

Everi Payments, Inc.

       

Term Loan B, (LIBOR + 5.25%, 1.00% Floor), 6.25%, 12/18/20 (b)

    1,450,965         1,417,106    

The Intertain Group, Ltd. (The

       

Intertain Group Finance, LLC) (Canada)
Initial Term Loan B, (LIBOR + 6.50%, 1.00% Floor), 7.50%, 04/08/22 (b)(c)

    705,821         711,997    

Mohegan Tribal Gaming Authority

       

Term Loan A, (LIBOR + 4.25%, 0.00% Floor), 5.02%, 10/13/21 (b)

    2,406,250         2,423,551    

Scientific Games International, Inc.

       

Initial Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 10/18/20 (b)

    3,562,628         3,614,214    
     

 

 

   
        10,190,148    
     

 

 

   

 

MEDIA: ADVERTISING, PRINTING & PUBLISHING - 2.9%

 

 

 

Advantage Sales & Marketing, Inc.

       

Second Lien Term Loan, (LIBOR + 6.50%, 1.00% Floor), 7.50%, 07/25/22 (b)

    1,069,691         1,047,634    
 

 

20  |  See accompanying Notes to Financial Statements.


Apollo Tactical Income Fund Inc.

Schedule of Investments  (continued)

December 31, 2016

 

   

   Principal

 Amount ($) 

 

 

 Value ($) 

 

     

 

Senior Loans (a)   (continued)

 

MEDIA: ADVERTISING, PRINTING & PUBLISHING (continued)

 

 

 

ALM Media, LLC

       

First Lien Term Loan B, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 07/31/20 (b)(d)

    3,075,666         2,914,193    

F & W Media, Inc.

       

Initial Term Loan, (LIBOR + 9.50%, 1.25% Floor), 10.75%, 06/30/19 (b)

    2,218,425         1,830,200    

Information Resources, Inc.

       

First Lien Term Loan B, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 12/20/23 (b)(e)

    1,503,797         1,516,955    
     

 

 

   
                7,308,982    
     

 

 

   

 

MEDIA: BROADCASTING & SUBSCRIPTION - 8.5%

 

 

 

Beasley Broadcast Group, Inc.

       

First Lien Term Loan B, (LIBOR + 6.00%, 1.00% Floor), 7.00%, 11/01/23 (b)(d)

    873,028         875,211    

CBS Radio, Inc.

       

Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 10/17/23 (b)

    1,403,650         1,420,017    

Emmis Operating Co.

       

Term Loan, (LIBOR + 6.00%, 1.00% Floor), 7.00%, 06/10/21 (b)

    1,277,784         1,181,950    

Entercom Radio, LLC

       

Term Loan B, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 11/01/23 (b)

    500,000         507,110    

Hemisphere Media Holdings, LLC

       

(Intermedia Espanol, Inc.)
Term Loan B, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 07/30/20 (b)

    2,437,329         2,464,749    

Intelsat Jackson Holdings S.A.

       

(Luxembourg)
Tranche B-2 Term Loan, (LIBOR + 2.75%, 1.00% Floor), 3.75%, 06/30/19 (b)(c)

    4,082,200         3,959,734    

Numericable U.S., LLC (France)

       

Term Loan B-7, (LIBOR + 4.25%, 0.75% Floor), 5.14%, 01/15/24 (b)(c)

    3,549,310         3,602,248    

SESAC Holdco II, LLC

       

First Lien Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 02/08/19 (b)

    1,896,303         1,901,044    

Telecommunications Management, LLC

       

Second Lien Initial Term Loan, (LIBOR + 8.00%, 1.00% Floor), 9.00%, 10/30/20 (b)(d)

    1,065,712         1,037,737    

William Morris Endeavor

       

Entertainment, LLC (IMG Worldwide Holdings, LLC)
First Lien Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 05/06/21 (b)

    4,159,719         4,211,736    
     

 

 

   
                21,161,536    
     

 

 

   
   

   Principal

 Amount ($) 

 

 

 Value ($) 

 

     

 

MEDIA: DIVERSIFIED & PRODUCTION - 0.2%

 

 

 

A-L Parent, LLC

       

Second Lien Term Loan, (LIBOR + 7.25%, 1.00% Floor), 8.25%, 12/02/24 (b)(e)

    500,000         503,750    
     

 

 

   

 

METALS & MINING - 0.0%

 

 

 

Magnetation, LLC / Mag Finance Corp.

       

Term Loan (12.00% PIK), 12.00%, 10/14/16 (d)(f)(h)

    1,286,674            
     

 

 

   

 

RETAIL - 9.1%

 

 

 

Academy Ltd.

       

Initial Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 07/01/22 (b)

    2,853,042                   2,646,196    

Bass Pro Group, LLC

       

Asset-Sale Term Loan, (LIBOR + 4.75%, 0.75% Floor), 5.72%, 06/08/18 (b)

    593,258         593,445    

First Lien Term Loan A, (LIBOR + 4.00%, 0.00% Floor), 4.97%, 04/01/22 (b)(e)

    1,071,397         1,060,683    

Initial Term Loan, (LIBOR + 5.00%, 0.75% Floor), 5.97%, 12/15/23 (b)

    728,603         722,749    

Belk, Inc.

       

Closing Date First Lien Term Loan, (LIBOR + 4.75%, 1.00% Floor), 5.75%, 12/12/22 (b)

    323,871         280,418    

Charming Charlie, LLC

       

Initial Term Loan, (LIBOR + 8.00%, 1.00% Floor), 9.00%, 12/24/19 (b)

    1,079,338         600,830    

David’s Bridal, Inc.

       

Initial Term Loan, (LIBOR + 4.00%, 1.25% Floor), 5.25%, 10/11/19 (b)

    1,500,000         1,330,628    

J. Crew Group, Inc.

       

Initial Term Loan, (LIBOR + 3.00%, 1.00% Floor), 4.00%, 03/05/21 (b)

    492,347         282,484    

JC Penney Corp., Inc.

       

2016 Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 06/23/23 (b)

    2,795,750         2,812,636    

Jo-Ann Stores, LLC

       

Initial Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.26%, 10/20/23 (b)

    2,758,620         2,784,482    

Leslie’s Poolmart, Inc.

       

First Lien Term Loan B, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 08/16/23 (b)

    715,598         724,993    

Mister Car Wash Holdings, Inc.

       

First Lien Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 08/20/21 (b)(e)

    712,460         715,872    
 

 

See accompanying Notes to Financial Statements.  |  21


Apollo Tactical Income Fund Inc.

Schedule of Investments  (continued)

December 31, 2016

 

   

   Principal

 Amount ($) 

 

 

 Value ($) 

 

     

 

Senior Loans (a)   (continued)

 

 

 

 

RETAIL (continued)

 

 

 

The Neiman Marcus Group, Inc.

       

Other Term Loan, (LIBOR + 3.25%, 1.00% Floor), 4.25%, 10/25/20 (b)(e)

    1,000,000         872,250    

Petco Animal Supplies, Inc.

       

Tranche B-1 Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 01/26/23 (b)

    1,810,069         1,822,359    

Tranche B-2 Term Loan, (LIBOR + 4.25%, 0.00% Floor), 5.14%, 01/26/23 (b)

    1,600,806         1,612,644    

Sears Roebuck Acceptance Corp.

       

(KMART Corp.)
2015 Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 06/30/18 (b)

    2,493,573         2,398,506    

Vince, LLC (Vince Intermediate Holding LLC)

       

Term Loan B, (LIBOR + 5.00%, 1.00% Floor), 6.00%,
11/27/19 (b)(d)(e)

    1,475,639         1,431,369    
     

 

 

   
                22,692,544    
     

 

 

   

 

SERVICES: BUSINESS - 14.6%

 

 

 

Americold Realty Operating Partnership, L.P.

       

Initial Term Loan, (LIBOR + 4.75%, 1.00% Floor), 5.75%, 12/01/22 (b)

    3,191,527         3,233,432    

Camelot Finance, LP

       

Initial Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 10/03/23 (b)

    619,145         627,528    

Carecore National, LLC

       

Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 03/05/21 (b)

    966,686         953,394    

EIG Investors Corp.

       

Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 02/09/23 (b)

    1,100,166         1,093,290    

Term Loan, (LIBOR + 5.48%, 1.00% Floor), 6.48%, 11/09/19 (b)

    3,859,962         3,846,086    

Evergreen Skills Lux S.a.r.l.

       

First Lien Initial Term Loan, (LIBOR + 4.75%, 1.00% Floor), 5.84%, 04/28/21 (b)

    884,560         810,757    

Second Lien Initial Term Loan,

       

(LIBOR + 8.25%, 1.00% Floor), 9.34%, 04/28/22 (b)

    1,000,000         753,440    

Explorer Holdings, Inc.

       

Initial Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 05/02/23 (b)

    3,489,981         3,572,868    

GCA Services Group, Inc.

       

First Lien Term Loan, (Variable + 4.73%, 1.32% Floor), 6.05%, 03/01/23 (b)

    1,344,305         1,364,476    
   

   Principal

 Amount ($) 

 

 

 Value ($) 

 

     

 

SERVICES: BUSINESS (continued)

 

 

 

IBC Capital Ltd.

       

First Lien Initial Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.98%, 09/09/21 (b)(e)

    997,462         988,734    

Infogroup, Inc.

       

Term Loan B, (LIBOR + 5.50%, 1.50% Floor), 7.00%, 05/28/18 (b)

    1,120,742         1,109,361    

Onex Carestream Finance L.P.

       

First Lien Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 06/07/19 (b)

    970,588         945,513    

Second Lien Term Loan, (LIBOR + 8.50%, 1.00% Floor), 9.50%, 12/07/19 (b)

    4,000,000         3,300,000    

SGS Cayman L.P.

       

Initial Cayman Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 04/23/21 (b)

    423,904         418,340    

SMG

       

Second Lien Term Loan, (LIBOR + 8.25%, 1.13% Floor), 9.38%, 02/27/21 (b)

    2,458,634         2,452,488    

Solera, LLC (Solera Finance, Inc.)

       

Dollar Term Loan, (LIBOR + 4.75%, 1.00% Floor), 5.75%, 03/03/23 (b)

    3,310,663         3,360,323    

Sutherland Global Services, Inc.

       

Initial U.S. Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 04/23/21 (b)

    1,821,071         1,797,170    

U.S. Security Associates Holdings, Inc.

       

Term Loan B, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 07/14/23 (b)

    2,010,229         2,025,306    

USS Parent Holding Corp.

       

Delayed Draw Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 08/11/23 (b)

    152,711         153,791    

Initial Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 08/11/23 (b)

    3,461,456         3,485,981    
     

 

 

   
                36,292,278    
     

 

 

   

 

SERVICES: CONSUMER - 1.3%

 

 

 

Laureate Education, Inc.

       

Extended Term Loan Series 2021, (LIBOR + 8.00%, 0.00% Floor), 8.87%, 03/17/21 (b)

    994,984         1,000,585    

NVA Holdings, Inc.

       

Second Lien Term Loan, (LIBOR + 7.00%, 1.00% Floor), 8.00%, 08/14/22 (b)

    2,308,152         2,317,777    
     

 

 

   
        3,318,362    
     

 

 

   

 

TELECOMMUNICATIONS - 3.2%

 

 

 

Avaya, Inc.

       

Term Loan B-7, (LIBOR + 5.25%, 1.00% Floor), 6.25%, 05/29/20 (b)

    2,147,384         1,873,603    
 

 

22  |  See accompanying Notes to Financial Statements.


Apollo Tactical Income Fund Inc.

Schedule of Investments  (continued)

December 31, 2016

 

   

   Principal

 Amount ($) 

 

 

 Value ($) 

 

     

 

Senior Loans (a)   (continued)

 

 

 

TELECOMMUNICATIONS (continued)

 

 

 

Global Tel*Link Corp.

       

First Lien Term Loan, (LIBOR + 3.75%, 1.25% Floor), 5.00%, 05/23/20 (b)(e)

    2,562,849         2,556,454    

GTT Communications, Inc.

       

First Lien Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 12/13/23 (b)(e)

    500,000         508,543    

Securus Technologies Holdings, Inc.

       

Second Lien Initial Term Loan, (LIBOR + 7.75%, 1.25% Floor), 9.00%, 04/30/21 (b)

    3,000,000         2,927,625    
     

 

 

   
                7,866,225    
     

 

 

   

 

TRANSPORTATION: CARGO - 1.6%

 

 

 

Carrix, Inc.

       

Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.50%,
01/07/19 (b)(e)

    3,881,371         3,849,039    
     

 

 

   

 

TRANSPORTATION: CONSUMER - 0.7%

 

 

 

Travel Leaders Group, LLC

       

Tranche B Term Loan, (LIBOR + 6.00%, 1.00% Floor), 7.00%, 12/07/20 (b)

    1,687,157         1,684,348    
     

 

 

   

 

UTILITIES: ELECTRIC - 5.7%

 

 

 

EFS Cogen Holdings I, LLC

       

Term Loan B, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 06/28/23 (b)(e)

    2,864,503         2,893,148    

Green Energy Partners

       

Term Loan B-2, (LIBOR + 5.50%, 1.00% Floor), 6.50%, 11/13/21 (b)(d)(e)

    340,909         339,205    

Green Energy Partners

       

(Stonewall, LLC) Term Loan B-1, (LIBOR + 5.50%, 1.00% Floor), 6.50%, 11/13/21 (b)(d)(e)

    588,273         585,332    

Moxie Patriot, LLC

       

Construction B-1 Advance, (LIBOR + 5.75%, 1.00% Floor), 6.75%, 12/19/20 (b)

    3,001,407         2,986,400    

Panda Liberty, LLC

       

Construction B-1 Advance, (LIBOR + 6.50%, 1.00% Floor), 7.50%, 08/21/20 (b)

    1,780,409         1,760,379    

Pike Corp.

       

First Lien Initial Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 12/22/21 (b)

    2,097,104         2,110,210    

Second Lien Initial Term Loan, (LIBOR + 8.50%, 1.00% Floor), 9.50%, 06/22/22 (b)

    2,500,000         2,514,588    
   

   Principal

 Amount ($) 

 

 

 Value ($) 

 

     

 

UTILITIES: ELECTRIC (continued)

 

 

 

WG Partners Acquisition, LLC

       

Term Loan B, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 11/15/23 (b)(d)

    874,431         885,362    
     

 

 

   
        14,074,624    
     

 

 

   

Total Senior Loans
(Cost $284,736,810)

        281,902,458    
     

 

 

   

 

Corporate Notes and Bonds - 20.6% (h)

 

 

 

 

AUTOMOTIVE - 0.6%

 

 

 

American Tire Distributors, Inc.

       

10.25%, 03/01/22 (i)

    1,628,000         1,569,929    
     

 

 

   

 

BANKING, FINANCE, INSURANCE & REAL ESTATE - 1.5%

 

 

 

Crescent Communities, LLC

       

8.88%, 10/15/21 (i)

    1,000,000         1,012,500    

Donnelley Financial Solutions, Inc.

       

8.25%, 10/15/24 (i)

    2,539,000         2,589,780    
     

 

 

   
                3,602,280    
     

 

 

   

 

BEVERAGE, FOOD & TOBACCO - 2.1%

 

 

 

Land O’Lakes Capital Trust I

       

7.45%, 03/15/28 (i)

    4,719,000         5,120,115    
     

 

 

   

 

CAPITAL EQUIPMENT - 0.6%

 

 

 

Optimas OE Solutions Holding, LLC

       

8.63%, 06/01/21 (i)

    2,000,000         1,590,000    
     

 

 

   

 

CHEMICALS, PLASTICS & RUBBER - 1.7%

 

 

 

TPC Group, Inc. (Texas Petrochemical)
8.75%, 12/15/20 (i)

    4,957,000         4,213,450    
     

 

 

   

 

CONSTRUCTION & BUILDING - 0.9%

 

 

 

GCP Applied Technologies, Inc.

       

9.50%, 02/01/23 (i)

    1,946,000         2,237,900    
     

 

 

   

 

CONTAINERS, PACKAGING & GLASS - 0.8%

 

 

 

Reynolds Group Holdings, Inc.

       

6.88%, 02/15/21

    2,000,146         2,058,154    
     

 

 

   

 

ENERGY: OIL & GAS - 1.4%

 

 

 

Northern Oil and Gas, Inc.

       

8.00%, 06/01/20

    1,519,000         1,268,365    

Northern Tier Energy, LLC / Northern Tier

       

7.13%, 11/15/20

    1,804,000         1,882,925    

Sidewinder Drilling, Inc.

       

9.75%, 11/15/19 (g)(i)(j)

    6,000,000         405,000    
     

 

 

   
        3,556,290    
     

 

 

   

 

HEALTHCARE & PHARMACEUTICALS - 1.5%

 

 

 

Team Health Holdings, Inc.

       

7.25%, 12/15/23 (i)

    1,473,000         1,679,220    

Valeant Pharmaceuticals International, Inc. (Canada)

       

5.38%, 03/15/20 (c)(i)

    1,500,000         1,275,000    

7.50%, 07/15/21 (c)(i)

    1,000,000         851,250    
     

 

 

   
        3,805,470    
     

 

 

   
 

 

See accompanying Notes to Financial Statements.  |  23


Apollo Tactical Income Fund Inc.

Schedule of Investments  (continued)

December 31, 2016

 

   

   Principal

 Amount ($) 

 

 

 Value ($) 

 

     

 

Corporate Notes and Bonds (h)   (continued)

 

 

 

 

HIGH TECH INDUSTRIES - 1.3%

 

Riverbed Technology, Inc.

       

8.88%, 03/01/23 (i)

    2,000,000         2,120,000    

RP Crown Parent, LLC

       

7.38%, 10/15/24 (i)

    1,000,000         1,040,000    
     

 

 

   
        3,160,000    
     

 

 

   

 

HOTEL, GAMING & LEISURE - 0.5%

 

Hilton Grand Vacations Borrower, LLC

       

6.13%, 12/01/24 (i)

    1,100,000         1,148,125    
     

 

 

   

 

MEDIA: ADVERTISING, PRINTING & PUBLISHING - 0.3%

 

Acosta, Inc.

       

7.75%, 10/01/22 (i)

    1,000,000         845,000    
     

 

 

   

 

MEDIA: BROADCASTING & SUBSCRIPTION - 4.5%

 

Columbus International, Inc.

       

(Barbados)
7.38%, 03/30/21 (c)(i)

    3,285,000         3,508,019    

Neptune Finco Corp.

       

10.13%, 01/15/23 (i)

    317,000         366,927    

10.88%, 10/15/25 (i)

    877,000         1,045,823    

Radio One, Inc.

       

7.38%, 04/15/22 (i)

    882,000         877,590    

9.25%, 02/15/20 (i)

    2,484,000         2,266,650    

SiTV, Inc.

       

10.38%, 07/01/19 (i)

    3,420,000         2,103,300    

WideOpenWest Finance, LLC

       

10.25%, 07/15/19

    1,000,000         1,057,500    
     

 

 

   
                11,225,809    
     

 

 

   

 

METALS & MINING - 0.0%

 

Magnetation, LLC / Mag Finance Corp.

       

11.00%, 05/15/18 (d)(g)(i)(k)

    2,937,000            
     

 

 

   

 

RETAIL - 0.5%

 

       

Jo-Ann Stores, LLC

       

8.13%, 03/15/19 (i)

    1,208,000         1,204,980    
     

 

 

   

 

SERVICES: BUSINESS - 0.5%

 

Camelot Finance S.A. (Luxembourg)

       

7.88%, 10/15/24 (c)(i)

    1,080,000         1,120,500    
     

 

 

   

 

SERVICES: CONSUMER - 0.4%

 

Laureate Education, Inc.

       

10.00%, 09/01/19 (i)

    1,000,000         1,026,250    
     

 

 

   

 

TELECOMMUNICATIONS - 1.5%

 

Altice Financing S.A. (Luxembourg)

       

7.50%, 05/15/26 (c)(i)

    2,743,000         2,859,577    

GTT Escrow Corp.

       

7.88%, 12/31/24 (i)

    788,000         823,618    
     

 

 

   
        3,683,195    
     

 

 

   

Total Corporate Notes and Bonds
(Cost $61,474,092)

        51,167,447    
     

 

 

   
   

   Principal

 Amount ($) 

 

 

 Value ($) 

 

     

 

Structured Products - 16.6% (l)

 

Anchorage Capital CLO, Ltd. (Cayman Islands)

       

Series 2015-6A, Class E2,

       

7.72%, 04/15/27 (c)(i)(m)

    4,400,000         4,362,389    

Series 2015-7A, Class E2,

       

7.98%, 10/15/27 (c)(i)(m)

    3,000,000         3,008,988    

Atlas Senior Loan Fund, Ltd. (Cayman Islands)

       

Series 2012-1A, Class B3L,

       

8.41%, 08/15/24 (c)(i)(m)

    5,000,000         4,680,705    

Carlyle Global Market Strategies CLO, Ltd. (Cayman Islands)

       

Series 2014-5A, Class E, 6.79%,

       

10/16/25 (c)(i)(m)

    1,000,000         862,708    

ECP CLO, Ltd. (Cayman Islands)

       

Series 2014-6A, Class D2,

       

7.43%, 07/15/26 (c)(i)(m)

    4,000,000         3,620,000    

Ivy Hill Middle Market Credit Fund, Ltd. (Cayman Islands)

       

Series 10A, Class D2, 8.18%,

       

07/18/27 (c)(i)(m)

    2,350,000         2,135,224    

JFIN CLO, Ltd. (Cayman Islands)

       

Series 2013-1I, Class E, 6.88%,

       

01/20/25 (c)(d)(m)

    2,000,000         1,490,200    

Series 2015-1A, Class E, 5.96%,

       

03/15/26 (c)(i)(m)

    4,500,000         3,748,950    

NXT Capital CLO, LLC

       

Series 2014-1A, Class E, 6.02%,

       

04/23/26 (i)(m)

    5,000,000         4,262,350    

NZCG Funding, Ltd. (Cayman Islands)

       

Series 2015-2A, Class D, 7.19%,

       

04/27/27 (c)(i)(m)

    1,500,000         1,431,971    

OCP CLO, Ltd. (Cayman Islands)

       

Series 2014-5A, Class E, 6.13%,

       

04/26/26 (c)(i)(m)

    3,000,000         2,262,015    

Series 2016-11A, Class D2,

       

9.88%, 04/26/28 (c)(i)(m)

    5,000,000         5,027,710    

Teachers Insurance and Annuity Association of America CLO, Ltd. (Cayman Islands)

       

Series 2016-1A, Class E2,

       

10.88%, 07/20/28 (c)(i)(m)

    2,500,000         2,525,000    

TIAA Churchill Middle Market CLO I (Cayman Islands)

       

Series 2016-1A, Class E2,

       

8.80%, 10/20/28 (c)(i)(m)

    2,000,000         1,911,724    
     

 

 

   

Total Structured Products
(Cost $43,216,047)

                41,329,934    
     

 

 

   
 

 

24  |  See accompanying Notes to Financial Statements.


Apollo Tactical Income Fund Inc.

Schedule of Investments  (continued)

December 31, 2016

 

   

Share

  Quantity  

 

 

 Value ($) 

 

     

 

Common Stocks - 0.0%

 

       

 

BANKING, FINANCE, INSURANCE & REAL ESTATE - 0.0%

 

 

 

Medical Card System, Inc. (d)(g)

    914,981            

 

ENERGY: OIL & GAS - 0.0%

 

       

Southcross Holdings Borrower, GP LLC (d)(g)

    129            

Southcross Holdings Borrower, LP, Class A-II (d)(g)

    129         48,375