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Triangle Capital Corporation Reports Second Quarter 2013 Results

Stocks in this article: TCAP

Liquidity and Capital Resources

Commenting on the Company's liquidity position, Steven C. Lilly, Chief Financial Officer, stated, "With over $313 million in available liquidity at quarter-end, Triangle has tremendous flexibility to evaluate near-term investment opportunities which we believe will enable us to continue to build on our long-term track record of success."

At June 30, 2013, the Company had cash and cash equivalents totaling $117.1 million.

During the second quarter of 2013, Triangle amended its existing $165.0 million credit facility to extend the maturity date by one year to September 2017, to allow the Company to borrow foreign currencies (initially Canadian dollars), and reduce the interest rate on borrowings by twenty basis points to LIBOR plus 2.75%. As of June 30, 2013, the Company had no borrowings outstanding under the credit facility.

As of June 30, 2013, the Company had outstanding non-callable, fixed-rate SBA-guaranteed debentures totaling $193.2 million with a weighted average interest rate of 4.07%. The Company has the ability to issue $31.3 million in additional SBA-guaranteed debentures.

Dividend and Distribution Information

On May 29, 2013, Triangle announced that its board of directors had declared a cash dividend of $0.54 per share, representing an 8.0% increase over the dividend the Company paid during the second quarter of 2012. This was the Company's twenty-sixth consecutive quarterly dividend since its initial public offering in February, 2007. The record date for the dividend was June 12, 2013 and payment date was June 26, 2013.

Recent Portfolio Activity

During the second quarter of 2013, Triangle made two new investments totaling $12.6 million. In addition, Triangle made debt investments in four existing portfolio companies totaling approximately $12.9 million, and equity investments in two existing portfolio companies totaling approximately $1.4 million. Also during the second quarter of 2013, the Company received 11 repayments totaling approximately $87.9 million and received normal principal repayments and partial loan prepayments totaling approximately $0.6 million. In addition, the Company received proceeds related to the sale of certain equity securities totaling $13.8 million.

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