NEW YORK, Dec. 11, 2018 /PRNewswire/ -- Alcentra
Capital Corporation (NASDAQ: ABDC), ("Alcentra Capital" or the
"Company"), a provider of debt financing solutions to
middle-market companies based in the
United States, announced today that the Company has adopted
a trading plan for the purpose of repurchasing shares of its common
stock in the open market (the "Plan").
Under the Plan, the Company may repurchase up to the lesser
of:
- 5.0% of the amount of shares of the Company's common stock
outstanding as of the date of the Plan, December 10, 2018; and
- $10.0 million in aggregate amount
of the Company's common stock.
For the nine months ended September 30,
2018, the Company repurchased 705,711 shares of its
outstanding common stock, or approximately 5.0% of the shares
outstanding as of December 31, 2017.
In connection with the adoption of the Plan, Alcentra Capital's
CEO, Vijay Rajguru stated, "We are
very focused on implementing strategies to enhance stockholder
value. Share buybacks are an important part of those strategies,
and we are delighted to have implemented a stock repurchase plan of
approximately 5.0% on top of our prior purchases this year of
another 5.0%."
The Company adopted the Plan pursuant to a resolution of the
Company's board of directors approved on November 5, 2018. The Plan will be executed in
accordance with applicable rules specified in the Securities
Exchange Act of 1934 (the "Exchange Act"), including
Rule 10b5-1 and Rule 10b-18
thereunder, as well as certain price, market volume and timing
constraints specified in the Plan. The Plan is designed to allow
the Company to repurchase its shares both during its open window
periods and at times when it otherwise might be prevented from
doing so under applicable insider trading laws or because of
self-imposed trading blackout periods. A broker selected by the
Company has been delegated the authority to repurchase shares on
the Company's behalf in the open market, pursuant to, and under the
terms and limitations of, the Plan.
There is no assurance that the Company will purchase shares at
any specific discount levels or in any specific amounts. The
Company's repurchase activity will be disclosed in its periodic
reports for the relevant fiscal periods. There is no assurance that
the market price of the Company's shares, either absolutely or
relative to net asset value, will increase as a result of any share
repurchases, or that the Plan will enhance stockholder value over
the long term.
About Alcentra Capital Corporation
Alcentra Capital Corporation provides customized debt and equity
financing solutions to middle-market companies, which the Company
generally defines as U.S. based companies having between $15.0
million and $75.0 million of EBITDA. Alcentra
Capital's investment objective is to provide attractive
risk-adjusted returns by generating current income from its debt
investments. Alcentra Capital seeks to partner with business
owners, management teams and financial sponsors by providing
customized financing for change of ownership transactions,
recapitalizations, strategic acquisitions, business expansion and
other growth initiatives.
Alcentra Capital is an externally managed, closed-end,
non-diversified management investment company that has elected to
be treated as a business development company under the Investment
Company Act of 1940. In addition, for tax purposes, Alcentra
Capital has elected to be treated as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986.
About Alcentra NY, LLC
Alcentra NY, LLC is a subsidiary of BNY Alcentra Group
Holdings, Inc. ("Alcentra
Group"), one of the
world's leading sub-investment grade
credit asset managers focusing on the U.S. and European markets.
Alcentra Group has an investment track record that spans across 75
separate investment vehicles and accounts totaling
approximately $37.5 billion (including
accounts managed by Alcentra NY, LLC, Alcentra Ltd, and assets
managed by Alcentra Group personnel for affiliates under dual
officer arrangements).
Forward-Looking Statements
Statements included herein may constitute "forward-looking
statements," which relate to future events or the Company's future
performance or financial condition. These statements are not
guarantees of future performance, condition 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 the Company's filings with the Securities and Exchange
Commission. The Company undertakes no duty to update any
forward-looking statement made herein, unless required to do so by
law. All forward-looking statements speak only as of the date of
this press release.
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SOURCE Alcentra Capital Corporation