MidCap Financial Announces Completion of $300mm Plus New Equity Financing

BETHESDA, Md., May 7, 2020 /PRNewswire/ -- MIDCAP FINANCIAL is pleased to announce that it has completed an equity offering of more than $300mm. This offering is part of a comprehensive strategy to enhance MidCap Financial's financial flexibility in order to further cement the company's position as a leading capital provider of choice to the middle market. 

Steve Curwin, CEO of MidCap Financial Services, LLC, said, "We are gratified by the confidence a broad range of investors showed in MidCap by participating in this equity raise. We believe the defensive nature of our portfolio and the cycle tested experience of our management team combined with the support and resources of Apollo drove strong interest in the equity offering. We expect to continue to drive strong returns for our investors as we support our borrowers through his crisis."

Howard Widra, Senior Partner and Global Head of Direct Origination for Apollo Global Management, said "MidCap entered this COVID-19 crisis period with a strong balance sheet, diverse set of borrowers, and long standing relationships with a large variety of capital providers. We believe it was prudent to further strengthen the balance sheet with additional capital to continue to support borrowers during this unprecedented time. In addition, as a result of this capital raise, we also believe MidCap is well positioned to serve even more great companies in all stages of growth or transition and be one of leading providers of capital in the next cycle."

About MidCap Financial

MidCap Financial is a middle market-focused, specialty finance firm that provides senior debt solutions to businesses across all industries. The firm's years of experience, strong balance sheet, and flexibility make it a lender of choice for companies across all stages of growth and complexity. MidCap Financial's debt solutions focus in six areas:

• General and Healthcare Asset-Based working capital loans collateralized by third-party accounts receivable and other assets;
• Venture loans to VC-backed and public life sciences and technology companies;
• Real Estate loans on all types of commercial properties, medical office buildings, various types of senior housing and skilled nursing properties;
• Leveraged loans to companies backed by private equity sponsors;
• Lender Finance term loans or revolvers provided across the consumer and commercial finance sectors; and
• Franchise Finance loans to franchisees operating in the quick service restaurant (QSR) and other industries.

Additional information about MidCap Financial can be found at www.midcapfinancial.com

MidCap Financial is a middle market-focused, specialty finance firm that provides senior debt solutions to companies across all industries. MidCap Financial provides management or other services with respect to over $27 billion of commitments as of March 2020, of which $4.1 billion are managed by MidCap Financial Services Capital Management LLC, a registered investment adviser.  MidCap Financial provides a broad array of products intended to finance growth and manage working capital. MidCap Financial is managed by Apollo Capital Management, L.P., a subsidiary of Apollo Global Management, Inc., pursuant to an investment management agreement. Apollo Global Management, Inc. is one of the world's largest asset managers with approximately $331 billion of assets under management (as of December 31, 2019), providing market leading industry expertise, market reach, and financing synergies. 

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements involve risks and uncertainties because they relate to future events and circumstances. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results and developments to differ materially from the historical experience and expressed or implied expectations of MidCap Financial. These risks and uncertainties, many of which are outside of MidCap Financial's control, include the effects of the COVID-19 pandemic on MidCap Financial's and its borrowers operations and general economic conditions, its dependence on key personnel and its relationship with Apollo Capital Management, L.P. and risks associated with its loan portfolio. Undue reliance should not be placed on such forward-looking statements. Forward-looking statements speak only as of the date on which they are made and MidCap Financial does not undertake to update its forward-looking statements unless required by applicable law.

This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in any jurisdiction.

Contact: MidCap Financial Services, LLC
Chris Tofalli
Chris Tofalli Public Relations, LLC
914-834-4334

SOURCE MidCap Financial, LLC