Full Circle Capital Provides Update on Second Quarter 2015 Portfolio Activity
January 15 2015 - 4:05PM
Business Wire
Second Quarter Originations total $13.25
million
Full Circle Capital Corporation (NASDAQ:FULL) (“Full Circle
Capital”) today released an update of its investment portfolio
activity for the second quarter of fiscal 2015 ended December 31,
2014.
During the second quarter of fiscal 2015, Full Circle Capital
completed portfolio investments totaling approximately $13.25
million, representing investments in three new portfolio companies,
and received proceeds from full and partial realizations totaling
$8.4 million. Details of specific portfolio activity are provided
below:
Portfolio
Investments:
On October 9, 2014, Full Circle Capital funded a $2.75 million
senior secured credit facility to Ads Direct Media, Inc., an
internet advertising agency. The credit facility bears interest at
one month LIBOR plus 13.00% with a LIBOR floor of 0.50%, and has a
final maturity of October 6, 2017. A floor is the minimum rate that
will be applied in calculating an interest rate.
On October 10, 2014, Full Circle Capital funded $6.0 million of
a $60.0 million second lien secured loan to Bioventus LLC, a
specialty pharmaceutical company. The credit facility bears
interest at one month LIBOR plus 10.00% with a LIBOR floor of
1.00%, and has a final maturity of April 10, 2020.
On December 17, 2014, Full Circle Capital funded a $4.5 million
senior secured mortgage term loan to Luling Lodging, LLC, a hotel
operator. The credit facility bears interest at one month LIBOR
plus 12.00% with a LIBOR floor at 0.25% and has a final maturity of
December 17, 2017.
Portfolio
Repayments:
On October 15, 2014, the senior secured credit facility with
Esselte Holdings Inc., Esselte AB was fully repaid at par plus
accrued interest for total proceeds of $1,758,967.
On December 22, 2014, the senior secured credit facility with GW
Power, LLC and Greenwood Fuels WI, LLC, was partially prepaid at
par plus prepayment fees for total proceeds of $700,000.
On December 24, 2014, the senior secured credit facility with
CPX, Inc. was fully repaid at par plus accrued interest and fees
for total proceeds of $2,745,452.
During the quarter ended December 31, 2014, the senior secured
term loan with PEAKS Trust 2009-1 was partially repaid at par plus
accrued interest for total proceeds of $3,239,450.
Gregg J. Felton, Full Circle Capital’s President and Co-Chief
Executive Officer, stated, “We are pleased with the continued
growth of Full Circle Capital’s investment portfolio to record
levels this past quarter. The general market volatility serves to
increase our investment opportunities. Following substantial
portfolio growth over the last four quarters, we believe our
origination platform continues to produce an attractive investment
pipeline. That said, our volume of new investments in the most
recent quarter moderated versus the prior quarter as we have
approached our current investment capacity.”
About Full Circle Capital
Full Circle Capital Corporation (NASDAQ: FULL) is a Greenwich,
Connecticut 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.
Full Circle Capital CorporationGregg J. Felton,
203-900-2100Co-Chief Executive OfficerorJohn Stuart,
203-900-2100Co-Chief Executive Officerinfo@fccapital.com
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