Solar Senior Capital Ltd. Announces Quarter And Fiscal Year Ended December 31, 2012 Financial Results; Declares Monthly Dividend Of $0.1175 Per Share For March 2013

Net Realized Gains (Losses)

The Company had investment sales and prepayments totaling $162.6 million and $34.2 million, respectively, for the fiscal year ended December 31, 2012, and the period January 28, 2011 (commencement of operations) to December 31, 2011. Net realized gains (losses) for the fiscal year ended December 31, 2012, and the period January 28, 2011 (commencement of operations) to December 31, 2011 totaled $0.6 million and ($0.6) million, respectively.

Net Increase (Decrease) in Net Assets Resulting From Operations

For the fiscal year ended December 31, 2012, and the period January 28, 2011 (commencement of operations) to December 31, 2011, the Company had a net increase (decrease) in net assets resulting from operations of $13.9 million and ($0.3) million, respectively. For the fiscal year ended December 31, 2012, and the period January 28, 2011 (commencement of operations) to December 31, 2011, basic and diluted earnings (loss) per average share were $1.46 and ($0.03), respectively.

Liquidity and Capital Resources

At December 31, 2012, the Company had $39.1 million in borrowings outstanding on its $150 million revolving credit facility.

On January 16, 2013, the Company closed a follow-on public equity offering of 2.0 million shares of common stock at $18.85 per share, raising approximately $37.2 million in net proceeds.

Adjusted for the proceeds from the January 2013 equity offering, the Company would have had the full capacity available under its $150 million credit facility as well as access to additional capacity under the $50 million delayed draw provision at December 31, 2012.

Financial Statements and Tables

SOLAR SENIOR CAPITAL LTD. CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (in thousands, except share amounts)
		December 31, 2012				December 31, 2011
Assets
Non-controlled/non-affiliated investments, at fair value (cost—$214,075 and $180,023, respectively)		$	212,602			$	177,749
Cash and cash equivalents			2,647				2,934
Receivable for investments sold			282				4,931
Interest receivable			1,294				1,687
Deferred offering costs			148				—
Prepaid expenses and other assets			56				94
Total assets		$	217,029			$	187,395
Liabilities
Credit facility payable		$	39,100			$	8,600
Dividends payable			1,116				—
Payable for investments purchased			995				4,912
Investment advisory and management fee payable			581				944
Accrued performance-based incentive fees payable			84				—
Interest payable			121				53
Accrued administrative services expenses			431				141
Other liabilities and accrued expenses			498				310
Total liabilities		$	42,926			$	14,960
Net Assets
Common stock, par value $.01 per share, 200,000,000 and 200,000,000 common shares authorized, respectively, and 9,500,100 and 9,500,100 issued and outstanding, respectively		$	95			$	95
Paid-in capital in excess of par			177,728				177,815
Distributions in excess of net investment income			(2,247	)			(2,625	)
Accumulated net realized gain (loss)			—				(576	)
Net unrealized depreciation			(1,473	)			(2,274	)
Total net assets		$	174,103			$	172,435
Net Asset Value Per Share		$	18.33			$	18.15

SOLAR SENIOR CAPITAL LTD. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share amounts)
		Year Ended December 31, 2012			Period January 28, 2011* to December 31, 2011
INVESTMENT INCOME:
From non-controlled/non-affiliated investments:
Interest		$	20,539		$	7,890
EXPENSES:
Management fees		$	2,216		$	944
Interest expense			1,485			237
Performance-based incentive fees			580			—
Administrative services expense			983			289
Insurance expense			403			341
Other general and administrative expenses			1,418			684
Expenses before debt issuance costs			7,085			2,495
Debt issuance costs			961			2,795
Total expenses			8,046			5,290
Net investment income		$	12,493		$	2,600
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on non-controlled/non-affiliated investments		$	618		$	(576	)
Net change in unrealized gain (loss) on non-controlled/non-affiliated investments			801			(2,274	)
Net realized and unrealized gain (loss) on non-controlled/non-affiliated investments			1,419			(2,850	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	13,912		$	(250	)
EARNINGS (LOSS) PER SHARE		$	1.46		$	(0.03	)
* Commencement of operations

About Solar Senior Capital Ltd.

Solar Senior Capital Ltd. is a closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company invests primarily in leveraged, middle market companies in the form of senior secured loans including first lien, unitranche, and second lien debt instruments.

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