Full Circle Capital Provides Update on First Quarter Fiscal 2016 Portfolio Activity
October 15 2015 - 4:05PM
- Fiscal First Quarter Originations Total
$10.0 Million - - Proceeds From Realizations
Total $13.0 Million -
Full Circle Capital Corporation (NASDAQ:FULL) ("Full Circle
Capital") today updated its investment portfolio activity for the
first quarter of fiscal 2016 ended September 30, 2015.
During the first quarter of fiscal 2016, Full Circle Capital
completed portfolio investments totaling approximately $10.0
million, representing two new investments and one additional
purchase of a note issued by an existing portfolio company.
Additionally, the Company received proceeds from full and partial
realizations totaling $13.0 million. Details of specific portfolio
activity are provided below:
Portfolio Investments:
On July 1, 2015, the Company issued a $6.0 million mortgage note
to 310E53RD, LLC, a real estate holding company. The note bears
interest at one month LIBOR plus 10.00% with a LIBOR floor of 0.15%
and has a final maturity of July 1, 2017.
On July 17, 2015, the Company purchased $3.0 million of a $175.0
million senior secured term loan to Liquidnet Holdings, Inc., an
equities trading platform, at 96.375% of par. The term loan bears
interest at LIBOR plus 6.75% with a LIBOR floor of 1.00% and has a
final maturity of May 22, 2019.
On July 31, 2015, the Company purchased an additional $1.0
million of senior secured notes to Lee Enterprises, Incorporated, a
daily and weekly newspaper publisher. The notes bear interest at
9.50% and have a final maturity of March 15, 2022.
Portfolio Repayments:
On July 1, 2015, the senior secured credit facility and
revolving commitment with Butler Burgher Group, LLC, was fully
prepaid at par plus accrued interest and prepayment fees for total
proceeds of $8.6 million.
On July 15, 2015, the senior secured credit facility with
Medinet Investments, LLC was fully repaid at par plus accrued
interest for total proceeds of $0.1 million.
On September 3, 2015, the senior secured credit facility with GW
Power, LLC and Greenwood Fuels WI, LLC was partially repaid for
total proceeds of $2.2 million.
On September 10, 2015, the Company sold the full $2.0 million of
the second lien term loan with GK Holdings, Inc. for total proceeds
of $1.96 million plus accrued interest.
Stock Repurchase Program:
On August 26, 2015, the Board of Directors of Full Circle
Capital authorized the purchase of an additional 1 million shares
to provide for the purchase up to 2 million shares of the
outstanding common stock as part of the share repurchase program.
Under the repurchase program, the Company may, but is not obligated
to, repurchase its outstanding common stock in the open market from
time to time. The timing and number of shares to be repurchased in
the open market will depend on a number of factors, including
market conditions and alternative investment opportunities. In
addition, any repurchases will be conducted in accordance with the
Investment Company Act of 1940, as amended.
During the quarter ended September 30, 2015, Full Circle Capital
repurchased 472,407 shares for $1.5 million at a weighted average
price of $3.19 per share.
About Full Circle Capital Corporation
Full Circle Capital Corporation (www.fccapital.com) is a
closed-end investment company that has elected to be regulated as a
business development company under the Investment Company Act of
1940, as amended. 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 Contacts:
Gregg J. Felton, President and Chief Executive Officer
John Stuart, Chairman
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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