Solar Capital Ltd. to Redeem Remaining $75 Million of 6.75% Senior Unsecured Notes due 2042; Increases Expected 2018 Net Inve...
November 15 2017 - 6:59AM
Solar Capital Ltd. (NASDAQ:SLRC) (the “Company”) has given notice
to redeem its remaining $75 million of 6.75% senior unsecured notes
due 2042. The repayment will be funded through the issuance of $75
million of 4.50% notes due 2023. The Company expects that the
refinancing of the 6.75% senior unsecured notes will contribute
approximately $0.04 per share to 2018 net investment income.
“The refinancing of the $100 million 6.75% senior unsecured
notes is a continuation of our focus on reducing operating
expenses, including our cost of capital,” said Michael Gross,
Chairman and CEO of Solar Capital Ltd. “The lower interest expense,
coupled with our reduction in management fees and differentiated
business lines, positions the Company well for a strong 2018. As a
result, we are confident in our ability to grow the Company’s net
investment income.”
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. A specialty
finance company with expertise in several niche markets, the
Company primarily invests in leveraged, U. S. middle market
companies in the form of senior secured cash flow and asset-based
investments.
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, unless required to do so by applicable
law.
ContactInvestor Relations(646) 308-8770
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