Full Circle Capital Provides Update on Fourth Quarter 2014 Portfolio Activity
July 10 2014 - 8:00AM
Business Wire
Fourth Quarter Investments totaled $44.2
million
Full Circle Capital Corporation (NASDAQ:FULL) (“Full Circle
Capital”) today released an update of its investment portfolio
activity for the fourth fiscal quarter of 2014 ended June 30, 2014.
For the fourth fiscal quarter, Full Circle Capital invested
approximately $44.2 million, including new loan originations to 5
new portfolio companies totaling $35.3 million and follow on
investments in existing portfolio companies totaling approximately
$8.9 million. For the full year ended June 30, 2014, portfolio
origination activity totaled $92 million consisting of loans to 14
new portfolio companies and expanded investments in certain
existing portfolio companies.
John Stuart, Full Circle Capital’s Chairman and Co-Chief
Executive Officer, stated, "Since our fourth quarter and full year
results won’t be published until early September, we wanted to
update Full Circle Capital’s stockholders on our fiscal 2014 fourth
quarter portfolio activity, which reached the highest level of
portfolio investment since our initial public offering in 2010 and
included record new origination activity. However, since most of
these fourth quarter transactions closed late in the quarter, Full
Circle will not realize the full benefit of the additional
investment income until the first fiscal quarter of 2015.
“We are pleased to announce new origination activity has
continued at robust levels and believe that the current rate of
portfolio growth is a direct result of the important additions we
made to our investment team during fiscal 2014 that have greatly
expanded our breadth of opportunities. We look forward to providing
additional details on our fourth quarter and full fiscal year
performance when we report results in early September."
Gregg J. Felton, Full Circle Capital’s President and Co-Chief
Executive Officer, stated, “Despite competitive market conditions,
Full Circle Capital has been able to increase its asset production
relative to prior quarters through additional channels of deal
sourcing across a broad set of industries and to enhance our
overall portfolio diversification. While there tends to be less
activity in the summer months, we expect to continue to access
attractive investment opportunities and are enthusiastic about our
forward pipeline as we enter fiscal 2015.”
Investment Portfolio Activity
During the fourth quarter of 2014, Full Circle Capital completed
portfolio investments totaling approximately $44.2 million,
including investments in 5 new portfolio companies totaling $35.3
million and follow on investments in existing portfolio companies
totaling approximately $8.9 million. There were no full
realizations of portfolio investments during the quarter. These new
portfolio investments represent first lien secured debt investments
one second lien secured debt investment. The five new portfolio
companies include companies operating in Real Estate Services,
Cable TV Channels, Wireless Telecommunications, Biopharmaceuticals
and Financial Services sectors.
On an aggregate basis, for the full year ended June 30, 2014
Full Circle Capital completed portfolio investments totaling
approximately $92 million, including investments in 14 new
portfolio companies totaling $80.8 million and follow on
investments in existing portfolio companies totaling approximately
$11.0 million. During this period Full Circle Capital also
fully exited investments in 6 companies totaling $27.2 million in
realizations.
Equity Offering
During the fourth quarter of 2014, Full Circle Capital closed a
second registered direct common stock offering, receiving gross
proceeds of $10 million. This offering was accretive to Full Circle
Capital’s book value as it was priced at a 2.8% premium to our last
reported NAV of $7.20 per share.
About Full Circle Capital
Full Circle Capital Corporation (Nasdaq: FULL) is a Rye Brook,
New York based closed-end investment company that has elected to be
treated as a business development company under the Investment
Company Act of 1940. Full Circle Capital lends to and invests in
senior secured loans and, to a lesser extent, mezzanine loans and
equity securities issued by smaller and lower middle-market
companies that operate in a diverse range of industries. Full
Circle Capital’s investment objective is to generate both current
income and capital appreciation through debt and equity
investments. For additional information visit the company’s
website, www.fccapital.com.
Forward-Looking Statements
This press release contains forward-looking statements which
relate to future events or Full Circle Capital's future performance
or financial condition. Any statements that are not statements of
historical fact (including statements containing the words
"believes," "plans," "anticipates," "expects," "estimates" and
similar expressions) should also be considered to be
forward-looking statements. These forward-looking 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 Full Circle Capital's filings with the Securities and
Exchange Commission. Full Circle Capital undertakes no duty to
update any forward-looking statements made herein.
Company:Full Circle Capital CorporationJohn Stuart,
Co-Chief Executive OfficerGregg J. Felton, Co-Chief Executive
Officer914-220-6300info@fccapital.comorInvestor
Relations:Lippert/Heilshorn & AssociatesStephanie
PrinceJody Burfening212-838-3777sprince@lhai.com
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