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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

Stocks in this article: SUNS

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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