Solar Capital Ltd. Announces Q4 2017 Net Investment Income Per Share of $0.44 and Estimated Net Asset Value Per Share in the ...
January 10 2018 - 8:00AM
In conjunction with hosting its Analyst Day on January 10, 2018,
Solar Capital Ltd. (NASDAQ:SLRC) (the “Company”) is hereby
disclosing certain estimated results for the quarter ended December
31, 2017.
For the quarter ended December 31, 2017,
management expects the Company’s net investment income per share to
be $0.44, compared to $0.41 for the quarter ended September 30,
2017. In addition, management expects the Company’s net asset value
per share at December 31, 2017 to be in a range of $21.79 to $21.82
compared to the net asset value per share of $21.80 as of September
30, 2017.
For the quarter ended December 31, 2017, the
Company’s comprehensive portfolio activity1 includes investments of
approximately $164 million and repayments of approximately $181
million. In addition, management expects the Company’s net
debt/equity ratio to be approximately 0.58x at December 31,
2017.
At December 31, 2017, the Company had no
investments on non-accrual.
On December 18, 2017, the Company redeemed its
remaining $75 million of 6.75% senior unsecured notes due
2042. The repayment was 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.
On November 2, 2017, the Company’s board of
directors (the “Board”) amended the First Amended and Restated
Investment Advisory and Management Agreement Between Solar Capital
Ltd. and Solar Capital Partners LLC, lowering the base
management fee payable thereunder from 2.0% per annum to 1.75% per
annum, effective January 1, 2018.
Additionally, on November 2, 2017, the Board
declared an increased first quarter 2018 distribution
of $0.41 per share payable on April 3, 2018 to
stockholders of record as of March 22, 2018.
The estimates presented are subject to the
completion of financial closing procedures and are not a
comprehensive statement of our financial condition or results for
the period from October 1, 2017 through December 31,
2017.
The preliminary estimates and guidance provided
herein have been prepared by, and are the responsibility of,
management. Neither our independent registered public accounting
firm, nor our Board of Directors, have audited, reviewed, compiled,
or performed any procedures with respect to the accompanying
preliminary financial data and estimates. Accordingly, our
independent registered public accounting firm and our Board of
Directors do not express an opinion or any form of assurance with
respect thereto and assumes no responsibility for, and disclaims
any association with, this preliminary information. Actual results
for the period may differ materially.
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.
CONTACTSolar Capital
Ltd.Investor Relations(646) 308-8770
_______________________
1 Includes investment activity through the
Company’s investment portfolio, Crystal Financial, NEF Holdings,
LLC (“NEF”), the Senior Secured Unitranche Loan Program LLC
(“SSLP”), and Senior Secured Unitranche Loan Program II LLC (“SSLP
II”), attributable to the Company.
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