This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Solar Capital Ltd. Announces Quarter Ended June 30, 2013 Financial Results; Amends Credit Facility To Improve Pricing And Extend Maturity

Solar Capital Ltd. (the “Company”) (NASDAQ: SLRC), today reports net investment income for the quarter ended June 30, 2013 of $19.3 million, or $0.43 per average share. At June 30, 2013, net asset value (NAV) per share was $22.40.

In addition, the Company has amended its $525 million credit facility to reduce the borrowing rate from LIBOR + 2.50% to LIBOR + 2.25% and extend the final maturity by two years to June, 2018. The size of the amended facility is $490 million and is expandable up to $800 million under its accordion feature. The Company has also extinguished its LIBOR + 2.75% $100 million credit facility maturing in 2015.

On July 24, the Company’s Board of Directors declared a third quarter dividend of $0.40 per share payable on October 2, 2013 to stockholders of record on September 19, 2013. The specific tax characteristics will be reported to stockholders on Form 1099 after the end of the calendar year.

Concurrent with the dividend declaration, the Company announced the expected monetization of its two largest legacy portfolio companies, DSW Group Inc. and MidCap Financial LLC, with total gross proceeds expected to be approximately $237 million.

Also today, July 31, 2013, the Company announced a share repurchase plan to purchase common stock in the open market in an amount up to $100 million.


At June 30, 2013:
            Investment Portfolio: $1.4 billion
Number of Portfolio Companies: 41
Net Assets: $1.0 billion
Net Asset Value per share: $22.40

Portfolio Activity for the Quarter Ended June 30, 2013:
            Investments made during the quarter: $101.3 million
Investments prepaid and sold during the quarter: $72.8 million

Operating Results for the Quarter Ended June 30, 2013:
            Net investment income: $19.3 million
Net realized and unrealized losses: $19.3 million
Net increase (decrease) in net assets from operations: ($0.0) million
Net investment income per share: $0.43

"Post the completion of our announced expected legacy investment monetizations, we believe that our more diversified portfolio, comprised of a greater percentage invested in cash-pay, secured, and floating-rate debt securities, provides an attractive risk-adjusted return," said Michael Gross, Chairman and CEO of Solar Capital Ltd. "We intend to seek to grow our investment income per share by prudently deploying our over $500 million of available capital into new investments and opportunistic purchases of our common shares.”

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,084.49 +33.74 0.20%
S&P 500 2,013.43 +15.91 0.80%
NASDAQ 4,830.47 +19.6820 0.41%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs