UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
___________________________________
FORM 8-K
Current
Report Pursuant to Section 13 or 15(d) of
the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported):
July 10, 2014
FULL CIRCLE CAPITAL CORPORATION
(Exact name of registrant as specified in
its charter)
Maryland |
814-00809 |
27-2411476 |
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
800 Westchester Ave., Suite S-620
Rye Brook, NY 10573
(Address of principal
executive offices and zip code)
Registrant’s
telephone number, including area code: (914) 220-6300
Check the appropriate box below if the Form 8-K is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition.
On July 10, 2014, Full Circle Capital Corporation
(the “Company”) issued a press release announcing its investment portfolio activity for the quarter and fiscal year
ended June 30, 2014. The text of the press release is included as an exhibit to this Form 8-K.
Item 9.01 Financial Statements and Exhibits.
Exhibit No. |
Description |
|
|
99.1 |
Press release dated July 10, 2014 |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: July 10, 2014 |
FULL CIRCLE CAPITAL CORPORATION |
|
|
|
|
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By: /s/ John E. Stuart |
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John E. Stuart |
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Co-Chief Executive Officer |
Exhibit 99.1
![Description: FCF_Capital_v03 OutlinesRGB Large](image_001.jpg)
Full Circle Capital Provides Update on
Fourth Quarter 2014
Portfolio Activity
Fourth Quarter Investments totaled $44.2
million
RYE BROOK, NY, July 10, 2014 – 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 Contacts: |
Investor Relations Contacts: |
John Stuart, Co-Chief Executive Officer |
Stephanie Prince |
Gregg J. Felton, Co-Chief Executive Officer |
Jody Burfening |
Full Circle Capital Corporation |
Lippert/Heilshorn & Associates |
914-220-6300 |
212-838-3777 |
info@fccapital.com
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sprince@lhai.com
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