NEW YORK, April 4, 2019 /PRNewswire/ -- Alcentra
Capital Corporation (NASDAQ: ABDC) today announced that its Board
of Directors has entered into a formal review process to evaluate
strategic alternatives for the Company. The Board of Directors has
authorized its Committee of Independent Directors to lead the
process.
Edward Grebow, chair of the
Committee of Independent Directors, stated, "We are very pleased
with the progress management continues to make in rotating the
Company's legacy assets into upper middle-market senior secured
investments and stabilizing the Company's net asset value. As
management continues its efforts to increase value for our
stockholders, the Board believes it is also important at this time
to explore additional options that may be available to further
enhance the value of the Company."
The Board of Directors has not set a timetable for the
conclusion of the strategic alternatives review. There can be no
assurance that the review will result in a transaction or change
the Company's announced strategy. The Company does not intend to
comment further regarding the review unless or until it determines
that further disclosure is appropriate or required by law.
The Committee of Independent Directors has engaged Houlihan Lokey as its financial advisor.
In light of the strategic alternatives review, the Company
expects to hold its 2019 annual meeting of stockholders in the
fourth quarter of 2019.
About Alcentra Capital Corporation
Alcentra Capital
Corporation provides customized debt and equity financing solutions
to middle-market companies, which the Company generally defines as
U.S. based companies having between $15.0
million and $75.0 million of
EBITDA. The Company's investment objective is to provide attractive
risk-adjusted returns by generating current income from its debt
investments. The Company seeks to partner with business owners,
management teams and financial sponsors by providing customized
financing for change of ownership transactions, recapitalizations,
strategic acquisitions, business expansion and other growth
initiatives.
Alcentra Capital Corporation is an externally managed,
closed-end, non-diversified management investment company that has
elected to be treated as a business development company under the
Investment Company Act of 1940. In addition, for tax purposes, the
Company has elected to be treated as a regulated investment
company, under Subchapter M of the Internal Revenue Code of
1986.
FORWARD-LOOKING STATEMENTS
All statements contained in
this press release, other than statements of historical fact, are
forward-looking statements, including those
regarding exploration of strategic alternatives. These
statements speak only as of the date of this press release, are
based on the Company's current plans and expectations, and involve
risks and uncertainties that could cause actual future events or
results to be different than those described in or implied by such
forward-looking statements, including those relating to the nature
and timing of any possible transaction or other strategic
alternative, or of any potential or anticipated benefits from any
such transaction or other alternative, as well as those risks and
uncertainties described in the
Company's SEC filings. As a result, any
forward-looking statements are not guarantees and there can be no
assurance that this review process will result in a transaction or
change in the Company's announced strategy. Except as required by
applicable law or regulation, the Company does not undertake any
obligation to update its forward-looking statements to reflect
future events or circumstances.
View original
content:http://www.prnewswire.com/news-releases/alcentra-capital-corporation-announces-strategic-alternatives-review-300825138.html
SOURCE Alcentra Capital Corporation