Full Circle Capital Corporation Successfully Completes Rights Offering
March 31 2015 - 10:45AM
Full Circle Capital Corporation (the "Company") (Nasdaq:FULL)
announced today the successful completion of its non-transferable
rights offering, which expired on March 30, 2015 as scheduled.
The Company received subscriptions for approximately 94% of the
shares offered, 17% of which represents commitments by management
and Full Circle Advisors.
In addition, an institutional investor has committed to purchase
approximately 214,000 shares in open market transactions over a
seven-day period following the expiration date of the rights
offering. Such investor has agreed to acquire the remainder of its
committed shares in a private placement at $3.50 per share directly
from the Company to the extent such shares are not purchased in
open market transactions during such seven-day period.
The rights offering and additional commitments will result in
the issuance of no more than 11,420,207 additional shares of the
Company's common stock. The foregoing results are based upon the
subscriptions for shares received, and remain subject to receipt of
final payment for such shares in accordance with the terms and
conditions of the rights offering.
Estimated gross proceeds from the rights offering, before
payment of dealer-manager fees and other offering expenses, are
expected to be approximately $39 million. The net proceeds will be
used by the Company for the origination of new investments in
accordance with its investment objective, and for working capital
and other general corporate purposes. The subscription price for
the rights was $3.50 per share.
"We greatly appreciate the support we received from our
shareholders and the confidence in our current strategic direction,
and it is now incumbent upon us to execute," said Gregg Felton,
President and Chief Executive Officer of Full Circle Capital
Corporation. "The successful completion of the rights offering
was an important step in terms of positioning our business for
sustainable long-term growth. With the proceeds received from
the rights offering, we now have a solid capital base from which to
fund new opportunities generated from our growing pipeline that fit
within our return and risk parameters."
The Company issued to its stockholders of record as of March 6,
2015 non-transferable rights to subscribe for up to 11,949,034
shares of the Company's common stock. Record date stockholders
received one right for each outstanding share of common stock owned
on the record date. The rights, which entitled holders to purchase
one new share of common stock for every one right held, were not
listed for trading on the NASDAQ Global Market or any other stock
exchange.
Ladenburg Thalmann & Co. Inc. acted as the dealer manager
for the rights offering.
About Full Circle Capital Corporation
Full Circle Capital Corporation (www.fccapital.com) is a
closed-end investment company that has elected to be treated as a
business development company under the Investment Company Act of
1940. Full Circle lends to and invests in senior secured loans and,
to a lesser extent, mezzanine loans and equity securities issued by
lower middle-market companies that operate in a diverse range of
industries. Full Circle'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's future performance or
financial condition. Any statements that are not statements of
historical fact (including statements containing the words
"believes," "should," "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's filings with the Securities and Exchange
Commission. Full Circle undertakes no duty to update any
forward-looking statements made herein.
CONTACT: Company Contact:
John Stuart, Chairman
Gregg J. Felton, President and Chief Executive Officer
Full Circle Capital Corporation
(203) 900 - 2100
info@fccapital.com
Investor Relations Contacts:
Garrett Edson/Brad Cohen
ICR, LLC
(203) 682 - 8200
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