Medley Capital Corporation Announces Redemption of 6.500% Notes due 2021
October 21 2020 - 8:12AM
Medley Capital Corporation (NYSE: MCC) (the “Company” or “MCC”)
announced today that, it has caused notices to be issued to the
holders of its 6.500% Notes due 2021 (NYSE: MCX) (the “Notes”)
regarding the Company’s exercise of its option to redeem, in whole,
the issued and outstanding Notes, pursuant to Section 1104 of the
Indenture date as of February 7, 2012, between the Company and U.S.
Bank National Association, as trustee, and Section 101(h) of the
Third Supplemental Indenture dated as of December 17, 2015. The
Company will redeem $74,012,825 in aggregate principal amount of
the issued and outstanding Notes on November 20, 2020 (the
“Redemption Date”). The Notes will be redeemed at 100% of their
principal amount ($25 per Note), plus accrued and unpaid interest
thereon from October 31, 2020, through, but excluding, the
Redemption Date. The interest payment on the Notes to holders of
record on October 15, 2020 payable on October 31, 2020 will be
payable in normal course. Questions relating to the notice of
redemption should be directed to U.S. Bank National Association via
telephone at 1-800-934-6802.
ABOUT MEDLEY CAPITAL
CORPORATION
Medley Capital Corporation is a closed-end,
externally managed business development company ("BDC") that has
common stock which trades on the New York Stock Exchange (NYSE:
MCC) and has outstanding bonds which trade on the New York Stock
Exchange under the symbols (NYSE: MCV) and (NYSE: MCX). Medley
Capital Corporation's investment objective is to generate current
income and capital appreciation by lending to privately-held middle
market companies, primarily through directly originated
transactions, to help these companies expand their businesses,
refinance and make acquisitions. Our portfolio generally consists
of senior secured first lien loans and senior secured second lien
loans. Medley Capital Corporation is externally managed by MCC
Advisors LLC, which is an investment adviser registered under the
Investment Advisers Act of 1940, as amended. For additional
information, please visit Medley Capital Corporation at
www.medleycapitalcorp.com.
ABOUT MCC ADVISORS LLC
MCC Advisors LLC is a subsidiary of Medley
Management Inc. (NYSE: MDLY, “Medley”). Medley is an alternative
asset management firm offering yield solutions to retail and
institutional investors. Medley’s national direct origination
franchise is a premier provider of capital to the middle market in
the U.S. Medley has $3.6 billion of assets under management in two
business development companies, Medley Capital Corporation (NYSE:
MCC) and Sierra Income Corporation, and several private investment
vehicles. Over the past 18 years, we have provided capital to over
400 companies across 35 industries in North America.1 For
additional information, please visit Medley Management Inc. at
www.mdly.com.
Medley LLC, the operating company of Medley
Management Inc., has outstanding bonds which trade on the New York
Stock Exchange under the symbols (NYSE:MDLX) and (NYSE:MDLQ).
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended. Such statements include, but are
not limited to, statements regarding the the possibility that MCC
may explore strategic alternatives and other statements containing
the words “believes,” “anticipates,” “plans,” “expects,” “will” and
similar expressions. Such forward-looking statements represent
management's current expectations and are inherently uncertain.
There are a number of important factors that could materially
impact the value of the MCC’s common stock or cause actual results
to differ materially from those indicated by such forward-looking
statements. These important factors include, but are not limited
to, the effects of changes in MCC’s credit rating; MCC’s ability to
arrange and consummate financing or sale transactions or to access
capital; whether MCC is able to generate sufficient cash flows and
maintain adequate liquidity to meet its liquidity needs, service
its indebtedness, repay existing debt obligations, and finance the
ongoing obligations of its business; uncertainties associated with
the impact from the COVID-19 pandemic, including its impact on the
global and U.S. capital markets, the global and U.S. economy, the
operational and financial performance of MCC’s portfolio companies,
and liquidity; and the important factors discussed under the
caption “Risk Factors” in Part 1. Item 1A of MCC’s Form 10-K for
the fiscal year ended September 30, 2019, and its other reports
filed with the Securities and Exchange Commission. These important
factors, among others, could cause actual results to differ
materially from those indicated by forward-looking statements made
herein and presented elsewhere by management from time to time. Any
such forward-looking statements represent management’s estimates as
of the date of this press release. While MCC may elect to update
such forward-looking statements at some point in the future, MCC
disclaims any obligation to do so, even if subsequent events cause
its views to change. These forward-looking statements should not be
relied upon as representing MCC’s views as of any date subsequent
to the date of this press release.
SOURCE: Medley Capital Corporation
Investor Relations Contact: Sam Anderson Head of
Capital Markets & Risk Management Medley Management Inc.
212-759-0777
Media Contact: Jonathan Gasthalter/Nathaniel
Garnick Gasthalter & Co. LP 212-257-4170
_______________ 1 Medley Management Inc. is the parent company
of Medley LLC and several registered investment advisors
(collectively, “Medley”). Assets under management refers to assets
of Medley’s funds, which represents the sum of the net asset value
of such funds, the drawn and undrawn debt (at the fund level,
including amounts subject to restrictions) and uncalled committed
capital (including commitments to funds that have yet to commence
their investment periods). Assets under management are as of June
30, 2020.
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