Solar Capital Ltd. Extends Stock Repurchase Program
December 06 2013 - 9:00AM
Business Wire
Solar Capital Ltd. (the “Company”) (NASDAQ-GS:SLRC) announced
today that its Board of Directors has authorized the extension of a
program for the purpose of repurchasing up to $100 million worth of
its common stock to be implemented at the discretion of the
Company’s management team. 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 provided that the
Company complies with the prohibitions under its Insider Trading
Policies and Procedures and the guidelines specified in Rule 10b-18
of the Securities Exchange Act of 1934, as amended, including
certain price, market volume and timing constraints. Unless further
extended by the Company’s Board of Directors, the Company expects
the repurchase program to be in place until the earlier of July 31,
2014 or until $100 million of the Company’s outstanding shares of
common stock have been repurchased. To date, approximately $17.5
million of repurchases have been made by Solar Capital Ltd. under
the repurchase program.
The Company’s Board of Directors authorized the extension of the
repurchase program because it believes the continued market
volatility may cause the Company’s common stock to be undervalued
from time to time. The timing and number of additional shares to be
repurchased will depend on a number of factors, including market
conditions and alternative investment opportunities. In addition,
any subsequent repurchases will also be conducted in accordance
with the Investment Company Act of 1940, as amended. There are no
assurances that the Company will engage in additional repurchases,
but if market conditions warrant, the Company now has an extended
period of time to take advantage of situations where the Company’s
management believes share repurchases would be advantageous to the
Company and to its shareholders.
About Solar Capital Ltd.
Solar Capital Ltd. is a closed-end investment company that has
elected to be treated as a business development company under the
Investment Company Act of 1940. The Company invests primarily in
leveraged, middle market companies in the form of senior secured
loans, mezzanine loans, and equity securities.
Forward-Looking Statements
Statements included herein may constitute “forward-looking
statements,” which relate to future events or our future
performance or financial condition. These statements are not
guarantees of future performance, conditions 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 our filings with the Securities and Exchange Commission. Solar
Capital Ltd. undertakes no duty to update any forward-looking
statements made herein.
Solar Capital Ltd.Richard Pivirotto, 646-308-8770Investor
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