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Alcentra Capital Corporation Provides Update
on Portfolio Developments and Share Repurchase Activity
Continues to Rotate Portfolio and Take Action to Enhance Stockholder Value
Has Repurchased 9.0% of Outstanding Shares Since January 1, 2018 Under
Share Repurchase Programs
NEW YORK, January 14, 2019 – Alcentra Capital Corporation (NASDAQ: ABDC) (“Alcentra Capital” or the “Company”), a provider of debt financing solutions to middle-market companies based in the United States, today provided an update on developments in its investment portfolio during fourth quarter 2018 and share repurchase plan activity.
Alcentra Capital’s new management team continues to execute on its strategy of rotating toward a larger middle market, senior secured debt portfolio. During the fourth quarter of 2018, the Company exited approximately $75.0 million of investments and redeployed or committed for redeployment approximately $60.0 million into investments that are generally consistent with its new strategy, including the following investments which have closed:
|·||$4.4 million senior secured loan (LIBOR+8.00%) to Sandvine Corporation, a networking equipment company that provides policy control solutions and intelligence to fixed, mobile and converged communications service provider networks;|
|·||$19.9 million senior secured loan (LIBOR+6.25%) to Impact Group, LLC, a leading sales and marketing agency with expertise in the retail brokerage and consumer packaged goods industry;|
|·||$6.3 million senior secured loan (EURIBOR+7.00%) to Clanwilliam Group, an international healthcare technology and services company based in Dublin, Ireland;|
|·||the conversion of the Company’s senior secured loan in Xpress Global Systems, LLC (“Xpress”) into an equity investment in connection with the sale of Xpress to a new private equity sponsor; and|
|·||the conversion of the Company’s various debt positions in Black Diamond Equipment Rentals, LLC (“Black Diamond”) into one senior secured loan in connection with the recapitalization by Black Diamond’s existing financial sponsor.|
Also, since January 1, 2018, the Company has repurchased 1,280,111 shares of its outstanding common stock under its share repurchase programs, or approximately 9.0% of the shares outstanding as of January 1, 2018. As of January 14, 2019, the Company has approximately $6.2 million of repurchase authority remaining under the repurchase program announced on November 5, 2018.
Alcentra Capital’s CEO, Vijay Rajguru, stated, “We are very focused on implementing our previously announced strategy to turn around the company and enhance stockholder value. We are happy to report that in the fourth quarter we were involved in the exit or recapitalization of several legacy investments and continued to redeploy several of the Company’s portfolio positions into senior loans for larger, financial sponsor-backed middle market companies. These steps, along with share repurchases, have contributed positively to our recent results and have put us on a strong course for success.”
The following information was filed by Alcentra Capital Corp (ABDC) on Monday, January 14, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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