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Triangle Capital Corporation Reports Fourth Quarter And Full Year 2012 Results

Dividends and distributions per share for the year ended December 31, 2012, totaled $2.02 compared to dividends and distributions of $1.77 during 2011.

Liquidity and Capital Resources

Commenting on the Company's liquidity position, Steven C. Lilly, Chief Financial Officer of the Company, stated, "Triangle is fortunate to enter 2013 in an incredibly strong financial position with a weighted average cost of debt of 5.1% and a balance sheet comprised of long-term fixed-rate debt and equity.  Through a combination of cash on hand, available SBA debentures, and availability under our senior credit facility, we have approximately $250 million of available liquidity which provides significant flexibility as we evaluate new investment opportunities during 2013."

At December 31, 2012, the Company had cash and cash equivalents totaling $72.3 million, and had no borrowings outstanding under its $165 million senior credit facility.

As of December 31, 2012, the Company had outstanding non-callable, fixed-rate Small Business Administration ("SBA") guaranteed debentures totaling $213.6 million with a weighted average interest rate of 4.05%. Subsequent to year end, on March 1, 2013, Triangle pre-paid $20.5 million in SBA guaranteed debentures that bore interest at a weighted average interest rate of 6.44%. Following the prepayment, the weighted average interest rate on outstanding SBA guaranteed debentures is 3.80%.

2012 Capital Markets Activities

In February, 2012, the Company completed a public offering of 4.3 million shares of common stock with net proceeds of $77.1 million.

In February, 2012, Triangle filed a prospectus supplement pursuant to which $60.0 million in aggregate principal amount of senior unsecured notes due 2019 were offered to the public. In March, 2012, the underwriters fully exercised their option to purchase an additional $9.0 million in aggregate principal amount of notes to cover overallotments, bringing the total size of the offering to $69.0 million with net proceeds to the Company of $66.6 million after deducting underwriting discounts and offering expenses. The notes will mature on March 15, 2019, and may be redeemed in whole or in part at any time or from time to time at the Company's option on or after March 15, 2015. The notes bear interest at a rate of 7.00% per year payable quarterly on March 15, June 15, September 15, and December 15 of each year. The notes trade on the NYSE under the symbol "TCC."

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