As of October 31, 2012, the Company had investments in portfolio companies with a fair value of approximately $404.2 million with a cost basis of $332.4 million, and cash and cash equivalents of approximately $42.6 million. Of the $42.6 million of cash on the balance sheet, $6.5 million is restricted cash.
In the fourth quarter, the Company received a dividend from USG&E of approximately $2.4 million. USG&E's board approved an initial dividend to its shareholders, with future distributions projected to be paid quarterly, as long as cash flows support the dividend. Each quarterly dividend must be approved by USG&E's board of directors and be permissible under its gas and electric supply credit documentation.
Subsequent EventsOn November 26, 2012, the Company loaned an additional $8.0 million to JSC Tekers, increasing the loan amount to $12.0 million. The interest rate remains at 8% per annum and the maturity date was extended to December 31, 2014. On December 14, 2012, the Company loaned an additional $500,000 to Biovations, increasing the loan amount to $2.0 million. Both the interest rate and the maturity date on the loan will remain the same. On December 17, 2012, the Company declared its first quarter of 2013 dividend in the amount of $0.135 per share, or a total of approximately $3.2 million. The dividend is payable on January 7, 2013 to shareholders of record on December 31, 2012 and will therefore be taxed at 2012 rates. Also on December 17, 2012, the Company received an approximate $426,000 dividend from Vestal Manufacturing Enterprises, Inc. MVC-G About MVC Capital, Inc. MVC is a business development company traded on the New York Stock Exchange that provides long-term debt and equity investment capital to fund growth, acquisitions and recapitalizations of companies in a variety of industries. For additional information about MVC, please visit the MVC's website at www.mvccapital.com . About Our Distributions The amount and specific timing of any future dividends paid pursuant to the Fund's dividend policy will be determined by its board of directors. At this time, the Fund is unable to make a conclusive determination as to the characteristics of the distributions announced herein. In January, a Form 1099 DIV will be sent to shareholders that will state the aggregate amount and actual tax characterization of distributions for the preceding year.
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