Vari-Form: Written Down In IIIQ 2019

We learned from Apollo Investment’s (AINV) IIIQ 2019 10-Q filing (see page 5) that its investment in troubled Vari-Form (Crowne Group) was partially written off. The $8mn at cost of first lien 2023 Term debt outstanding at June 2019 was written down to $1.3mn. The debt is valued at cost, but the par value is $8.3mn. No explanation was given for the realized loss taken. The loan continues to be on non-accrual and is rated CCR 5.