Triangle Capital Corporation Announces Redemption of 7.00% Senior Notes Due 2019
May 18 2015 - 4:02PM
Triangle Capital Corporation (NYSE:TCAP)
(“Triangle” or the “Company”), a leading provider of capital to
lower middle market companies, today announced it will redeem the
Company’s 7.00% Senior Notes due March 15, 2019 (CUSIP No.
895848208) (NYSE:TCC) with an aggregate principal amount
outstanding of $69.0 million (the “Notes”). The Notes were issued
pursuant to the indenture dated March 2, 2012 between the
Company and the Bank of New York Mellon Trust Company, N.A., as
trustee, as supplemented by the First Supplemental Indenture dated
March 2, 2012. The Notes will be redeemed on June 22, 2015 at a
price of $25.00 per Note plus accrued interest to the date of
redemption. The redemption of the Notes is expected to result in
certain interest savings through the original maturity date of the
Notes, but will accelerate the amortization of certain underwriting
fees and other offering expenses resulting in an increase in
related expenses in the period the Notes are redeemed.
“We are very pleased that our recently announced
$300 million credit facility affords us the flexibility to redeem
our 7.00% Notes, thereby creating considerable savings in interest
expense while maintaining a comfortable level of liquidity,”
commented Steven C. Lilly, the Company’s Chief Financial
Officer.
About Triangle Capital
Corporation
Triangle Capital Corporation (www.TCAP.com)
invests capital in established companies in the lower middle market
to fund growth, changes of control and other corporate
events. Triangle offers a wide variety of investment
structures with a primary focus on mezzanine financing with equity
components. Triangle’s investment objective is to seek
attractive returns by generating current income from debt
investments and capital appreciation from equity related
investments. Triangle’s investment philosophy is to partner
with business owners, management teams and financial sponsors to
provide flexible financing solutions. Triangle typically
invests $5.0 million - $35.0 million per transaction in companies
with annual revenues between $20.0 million and $200.0 million, and
EBITDA between $3.0 million and $35.0 million.
Triangle has elected to be treated as a business
development company under the Investment Company Act of 1940 (“1940
Act”). Triangle is required to comply with a series of
regulatory requirements under the 1940 Act as well as applicable
NYSE, federal and state laws and regulations. Triangle has
elected to be treated as a regulated investment company under the
Internal Revenue Code of 1986. Failure to comply with any of
the laws and regulations that apply to Triangle could have a
material adverse effect on Triangle and its stockholders.
Forward Looking
Statements
This press release may contain forward looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Any such statements, other than
statements of historical fact, are likely to be affected by other
unknowable future events and conditions, including elements of the
future that are or are not under the Company's control, and that
the Company may or may not have considered; accordingly, such
statements cannot be guarantees or assurances of any aspect of
future performance. Actual developments and results are
highly likely to vary materially from these estimates and
projections of the future and some of these uncertainties are
enumerated in Triangle’s filings with the Securities and Exchange
Commission. Certain factors that could cause actual results
to differ materially from those contained in the forward-looking
statements are included in our annual reports on Form 10-K,
quarterly reports on Form 10-Q and current reports on Form 8-K,
each as filed with the Securities and Exchange Commission. Copies
are available on the SEC’s website at www.sec.gov and stockholders
may receive a hard copy of the completed audited financial
statements free of charge upon request to the Company at 3700
Glenwood Avenue, Suite 530, Raleigh, NC 27612. Such statements
speak only as of the time when made, and the Company undertakes no
obligation to update any such statement now or in the
future.
Contacts
Sheri Blair Colquitt
Vice President, Investor Relations
919-719-4784
scolquitt@tcap.com
Steven C. Lilly
Chief Financial Officer
919-719-4789
slilly@tcap.com