Gladstone Capital Corporation Announces Sale of Funko, LLC
November 02 2015 - 8:30AM
Gladstone Capital Corporation (NASDAQ:GLAD) ("Gladstone Capital")
announced today the sale of its equity interest and the prepayment
of its senior secured debt investment in Funko LLC ("Funko") on
October 30, 2015. As a result of the sale, Gladstone Capital
recognized a significant capital gain on its equity investment.
Gladstone Capital and its affiliated fund, Gladstone Investment
(NASDAQ:GAIN), made identical equity and debt investments in Funko
in May of 2013, which supported Fundamental Capital, LLC's
acquisition of Funko.
"With the successful sale of Funko, Gladstone Capital is
expected to generate significant after tax proceeds on its equity
investment. The reinvestment of these proceeds in
interest-yielding loans will materially enhance our net interest
income and may support an increase in shareholder distributions,"
said Robert Marcotte, President of Gladstone Capital.
Gladstone Capital Corporation is a publicly traded business
development company that invests in debt and equity securities,
consisting primarily of senior, second lien and senior subordinated
term loans in small and medium sized businesses in the United
States.
Information on the business activities of Gladstone Capital,
Gladstone Investment and all the Gladstone funds can be found at
www.gladstonecompanies.com.
For Investor Relations inquiries related to any of the monthly
dividend paying Gladstone funds, please visit
www.gladstone.com.
For further information: The Gladstone Companies,
703-287-5893
Forward-looking Statements:
The statements in this press release regarding the ability to
re-invest proceeds from Funko and increase distributions to its
stockholders are "forward-looking statements." These
forward-looking statements inherently involve certain risks and
uncertainties in predicting future results and conditions. Although
these statements are based on the Company's current plans that are
believed to be reasonable as of the date of this press release, a
number of factors could cause actual results and conditions to
differ materially from these forward-looking statements, including
those factors described from time to time in Gladstone
Capital's filings with the Securities and Exchange
Commission. Gladstone Capital undertakes no obligation to
publicly release the result of any revisions to these
forward-looking statements that may be made to reflect any future
events or otherwise, except as required by law.
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