Apollo Investment Corporation Closes Public Offering of Common Stock Including Over-Allotment Option

NEW YORK, NY--(Marketwire - August 18, 2009) - Apollo Investment Corporation (the "Company")
(NASDAQ: AINV) announces the closing of its public offering of common
stock. In connection with the closing, the underwriters exercised their
over-allotment option and purchased an additional 2.7 million shares of the
Company's common stock at $8.75 per share. With the exercise of the
over-allotment option, a total of 20.7 million shares of common stock were
sold in the offering. The Company raised approximately $173.0 million in
net proceeds after deducting underwriting discounts and commissions.

The Company expects to use the net proceeds of this offering to fund new
investments, repay outstanding indebtedness and for general corporate
purposes.

Citi, BofA Merrill Lynch, J.P. Morgan Securities Inc. and Wells Fargo
Securities, LLC were the joint bookrunning managers for the offering.
SunTrust Robinson Humphrey, Inc., BMO Capital Markets Corp., RBC Capital
Markets Corporation and Keefe, Bruyette & Woods, Inc. were the co-managers.
Investors are advised to carefully consider the investment objectives,
risks and charges and expenses of Apollo Investment Corporation before
investing. The prospectus contains this and other information about Apollo
Investment Corporation and should be read carefully before investing.

This press release does not constitute an offer to sell or the solicitation
of an offer to buy nor will there be any sale of the shares referred to in
this press release in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of such state or jurisdiction. A
registration statement relating to these securities was filed and has been
declared effective by the Securities and Exchange Commission.

A copy of the prospectus for the offering may be obtained from: Citi,
Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, New York
11220 (telephone number: 800-831-9146); BofA Merrill Lynch, 4 World
Financial Center, New York, NY 10080, Attention: Prospectus Department
(telephone number: 212-449-1000); J.P. Morgan Securities Inc., 4 Chase
Metrotech Center, CS Level, Brooklyn, NY 11245, Attention: Prospectus
Department (telephone number: 718-242-8002); Wells Fargo Securities, LLC,
Attention: Equity Syndicate Department, 375 Park Avenue, New York, New
York, 10152 (telephone number: 800-326-5897, email:
equity.syndicate@wachovia.com).

About Apollo Investment Corporation

Apollo Investment Corporation is a closed-end, externally managed,
non-diversified management investment company that has elected to be
treated as a business development company under the Investment Company Act
of 1940. The Company's investment portfolio is principally in middle-market
private companies. From time to time, the Company may also invest in public
companies as well as public companies whose securities are thinly traded.
The Company invests primarily in senior secured loans and mezzanine loans
and equity in furtherance of its business plan. Apollo Investment
Corporation is managed by Apollo Investment Management, L.P., an affiliate
of Apollo Management, L.P., a leading private equity investor.

Forward-Looking Statements

Statements included herein may constitute "forward-looking statements."
These statements are not guarantees of future performance or results and
involve a number of risks and uncertainties. Actual results may differ
materially from those in the forward-looking statements as a result of a
number of factors, including those described from time to time in our
filings with the Securities and Exchange Commission. The Company
undertakes no duty to update any forward-looking statements made herein.